Check Your Credit Report After Bankruptcy
Once you file for bankruptcy, make sure you check your credit report to ensure that all of the debts that were covered by the bankruptcy are listed as being included. If you find some that are not, be sure to contact your lawyer right away, the companies not included could very well continue to collect against you possibly even filing a lawsuit.
In my case, I was so late on a credit card that they filed a lawsuit against me. I spoke to an attorney and my attorney explained that the settlement they offered to cancel the suit was just slightly less than what I would have been charged in court. With all of my other debt I would not have been able to make the payments required and would have defaulted on one of my other debts.
I ended up declaring Chapter 7 bankruptcy about a year ago, certainly not an ideal situation since I was forced into it. But probably accelerated a process I would have gone down eventually anyway. I would do it again if faced with the same situation as there really was no other alternative.
It is now about 1 year after I declared bankruptcy. One thing I would recommend for anyone considering or declaring bankruptcy is that you take advantage of the reduction in debt by changing your spending / saving habits to make sure it does not happen again. Without some changes your situation will not improve, it will only provide temporary relief before more difficult times come.
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