I just received my Discharge letter for my Chapter 7 Bankruptcy. Whats next involved in my bankruptcy?

As soon as you receive your discharge letter you are officially out of debt. Your first course of action, however, should be to get a copy of your credit report and make sure that your debts all show as "discharged in bankruptcy" instead of as past due or otherwise closed. Believe it or not, you will probably begin receiving offers for credit very shortly.

Most of the offers you get will be for high-interest cards and some will require you place a security. For the most part, lenders know you are free of debt and are very willing to sign you on because they know you (at least initially) have cleared your decks and will be looking to spend money and rebuild your credit. I've spoken to several Minnesota bankruptcy lawyers and have friends and family in others states who have gone through the same situation.

Most lawyers will tell you that it is incredibly important to start rebuilding your credit right away. Even though your bankruptcy will show on your credit report for 7-10 years, your efforts at rebuilding your credit score will help you to get through that time.

Once you receive a Discharge of Debt, you are no longer obligated on the debts that were listed in your bankruptcy petition. It is possible to start rebuilding your credit immediately upon receiving your discharge, in fact you may have even began receiving credit card offers. I would start slow, however.

Get one card, if you really want a card, and only use it for gasoline and pay it each month. A better option would be to get a secured credit card with a bank or credit union where you deposit an amount of money and that effectively becomes your credit limit for a period of time. You will use a secured credit card just as any other and MAKE SURE YOU PAY IT EACH MONTH.

Eventually, your credit limit will rise despite the collateral involved. Don't anticipate on getting a new house or decent car for approximately 2 years after your bankruptcy. Ryan D.

Caldwell is an Omaha Bankruptcy Attorney helping clients seek debt relief by filing for bankruptcy under the bankruptcy code.

When you received your Discharge letter, you are officially out of bankruptcy. You can star getting credit, but you must be aware that you are not protected by law, in incurring new debt. -quote- "When your bankruptcy is officially discharged, you will be able to focus your energy on saving money and paying off any debts that were not excused (such as student loans, child support, recent taxes, court costs, or alimony), rather than being subject to financial examination by the federal bankruptcy court and its representatives." -end of quote.

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