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Once you legally file for bankruptcy, your creditors should no longer phone you or sue you and any existing garnishees are lifted. An appointed Licensed Insolvency Trustee will distribute money to your creditors from your non-exempt assets and surplus income.
However, there are certain restrictions and limitations on what you can and cannot do after filing for Chapter 7 bankruptcy. Avoid Spending Outside Your Income Levels. ... You Cannot Neglect Your Alimony & Child Support Obligations After Chapter 7. ... You Cannot Ignore Student Loans. ... You Cannot Eliminate Most Tax Debt.
The simplest answer is that a bankruptcy eliminates most, if not all, of what are known as 'unsecured' debts. These include credit card debt, lines of credit, bank loans, payday loans and income tax debt. When you file for bankruptcy, you will no longer have to worry about repaying these debts.
A Chapter 7 bankruptcy takes approximately four to six months after the initial filing to be completed and your debts discharged. After that, you can apply for a credit card. A Chapter 13 bankruptcy, however, can take between three to five years as it's a restructuring of your debt that you pay off over time.
Save all paperwork from your bankruptcy case. Though it may not seem like a critical step, save all paperwork from your bankruptcy case. ... Start saving money. ... Build a budget. ... Reestablish good credit. ... Regularly monitor your credit reports. ... Maintain your job and home. ... Make an emergency fund. ... Set financial goals.
After your bankruptcy filing falls off your credit report, your FICO score calculation could show a 30-to-100-point increase depending on the other information on your report.
Effects of discharge After discharge, the NPII will be updated to show that the bankrupt has been discharged. Credit reporting bodies are permitted under privacy legislation to keep a record of bankruptcies for up to five years from the date of bankruptcy or two years from the date of discharge, whichever is longer.
On discharge from your bankruptcy, you are released from most of the debts included in your bankruptcy and you don't have to pay any more of the outstanding amount owed to the creditors included in your bankruptcy.