Many people worry that a bankruptcy will be a permanent or long-term setback. The reality is that personal bankruptcy provides a financial fresh start by eliminating debts that you may have struggled for years to manage and repay. Once your bankruptcy is completed the process allows you to move on with your life, financially and otherwise, unhindered by debt.<\/p>\n
Whether you are considering filing bankruptcy, already underway with filing, or just finishing bankruptcy \u2013 we know you have questions about \u201clife after bankruptcy\u201d. We\u2019ve outlined information about what happens once bankruptcy is over, and some tips for success after bankruptcy:\u00a0<\/strong><\/p>\n Receiving a discharge from bankruptcy means that you have completed the duties required in your bankruptcy and no longer bear any liability for the debts you owed prior to filing. Your Licensed Insolvency Trustee will also be discharged from the bankruptcy process once all of\u00a0their\u00a0<\/em>duties are fulfilled. These include:<\/p>\n The \u201cfinal accounting\u201d in a bankruptcy filing is called a Statement of Receipts and Disbursements. Before any money is distributed, the Statement is reviewed and approved by the Office of the Superintendent of Bankruptcy \u2013 this helps to ensure full transparency.<\/p>\n It can take some time for your bankruptcy estate to be officially closed \u2013 but don\u2019t worry, if you have received your bankruptcy discharge your role in the bankruptcy is done!<\/p>\n Real Stories: Meet some of the people whose lives have been changed working with Sands & Associates.<\/em><\/a><\/p>\n You can expect to receive several sets of documents throughout your bankruptcy, some key bankruptcy documents to keep for your records are:<\/p>\n Notice of Bankruptcy<\/u>: This is the first document you will receive as part of your bankruptcy. In addition to noting the official date of your bankruptcy it will also contain a list of your creditors.<\/p>\n Discharge Certificate (or Order)<\/u>: Starting a bankruptcy means that you no longer need to make payments to your creditors, and being discharged (released) from bankruptcy means that you are officially free from the responsibility of repaying your debt. Your Discharge Certificate (or Order) is the document that declares you have achieved a financial fresh start!\u00a0<\/strong><\/p>\n Statement of Receipts and Disbursements<\/u>: This is normally the last document your Trustee will send you. It will contain information about key administrative tasks completed and a final list of creditors that were dealt with under your bankruptcy.<\/p>\n Be sure to update your contact information with your Licensed Insolvency Trustee if your mailing or email address changes before you receive your Statement of Receipts and Disbursements.\u00a0\u00a0<\/em><\/p>\n If you have misplaced a document related to your bankruptcy there are a few ways you can get a copy for your records:<\/p>\n A common concern for people evaluating debt consolidation and other debt management options is that they will not be able to rebuild their credit in future if they file bankruptcy, or that they will need to wait for seven years to apply for new credit \u2013 this is false. Bankruptcy is not a permanent mark on your credit history, and your credit score can change dramatically in just two to three years after your discharge.<\/p>\n Most people are discharged from bankruptcy after nine months, and the bankruptcy will show on their credit history report for six years after the date of their discharge.<\/p>\n Following these credit rebuilding steps is crucial in order to build your credit score, and ultimately get new credit after bankruptcy:<\/p>\n You can learn more about steps you can take to rebuild your credit following a personal bankruptcy in this short video and read more about Rebuilding Credit After Bankruptcy here<\/a>.<\/p>\nBankruptcy Discharge Process<\/h2>\n
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Key Bankruptcy Documents to Keep<\/strong><\/h2>\n
What if I lose my bankruptcy documents?<\/u><\/strong><\/h3>\n
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Credit History and Score after Bankruptcy<\/strong><\/h2>\n
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