Recovering After Bankruptcy
You’ve Just Completed a Bankruptcy—Now What?

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It is important that you realize that you can recover after bankruptcy if you take the right approach.

If you have completed a chapter 7 or chapter 13 bankruptcy and you are trying to determine your next financial move—you must proceed with caution.

It is important that you understand that bankruptcy is a serious legal proceeding and you must do your best to never get in the position where you have to file bankruptcy again—whether it is a chapter 7 or chapter 13.

You must understand the dynamics that caused you to file bankruptcy in the first place.

Was the need to file caused by a job loss, medical expenses, poor financial management—or other adverse actions on your part or was the need caused by factors beyond your control?

By doing a Chapter 7 or 13 you may have drastically improved your cash flow situation!

If you now have discretionary income at a certain level—you may be in position to get started on improving your credit in an effective manner.

You have already completed the pre and post-bankruptcy counseling requirements and you should have some idea of how you need to proceed with your future finances.

If you filed a Chapter 7—it may have allowed you to get creditor calls to stop, possibly wiped out certain debt that you had, possibly stopped you from losing assets, possibly helped you get lawsuits dismissed and possibly helped you make other legal maneuvers. 

You would normally not have to make payments to your creditors if your debt was discharged through Chapter 7 Bankruptcy.

If you filed a Chapter 13—it may have allowed you to get creditor calls to stop, possibly stopped foreclosure, possibly stopped car repossession or possibly helped you recover your car if it had not been sold, possibly wiped out certain debt, possibly stopped you from losing assets, possibly helped you get lawsuits dismissed, possibly stopped wage garnishment and possibly helped you make other legal maneuvers. 

Your payments to your creditors would normally be reduced to a lower amount if they were included in a Chapter 13 Bankruptcy.

By having gone through bankruptcy you know that you cannot normally wipe out child support, student loans, recent income taxes, lawsuits where certain legal judgments such as negligence was involved, court ordered restitution, some recently acquired debts and debts not listed in your filing.

On your credit reports your debts will show a zero balance, however late payments will not be removed in most cases!

On many occasions consumers wait too late to file by not understanding how bankruptcy works. It is not uncommon for many to deplete their retirement accounts and other funds when they actually had other—more appropriate options.

Hopefully you were able to file your bankruptcy when it made the most financial sense—and you did not deplete your retirement or other funds.

You should be aware at this time that a chapter 7 bankruptcy stays on your credit report for 10 years and you can’t file again until 8 years from your original filing date, generally speaking.

A chapter 13 stays on your credit report for 7 years and you can’t file again until 2 years after you complete your payment plan, generally speaking.

Now that you have bankruptcy in your past—you must put together an effective plan to ensure future financial success for you and your family!

You must realize that your determination and ability to control your mind effectively will be the key to reaching your and your family’s future credit and financial goals.

You can recover after bankruptcy and have a successful future. We have seen many consumers improve their credit and finances to a high level after filing bankruptcy.

You too can attain credit and financial success at a high level if you are determined, committed and you have the self-discipline to make it happen.

The key was that those who succeeded at a high level looked at their future in a serious manner—and took the necessary steps to make future financial success a real possibility!

On this site you can find free information that can get you on track to a prosperous future—if you truly and sincerely want to improve your credit and finances!

By visiting this site after your bankruptcy proceeding—you have put in motion the possibility for real credit and financial success in your future—if you sincerely desire real credit and financial success for yourself and your family.

You have all that it takes on the inside of you—if you believe at a high level, utilize an effective plan and you get started now—and proceed with a serious level of commitment!

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About This Article:


The above article was written by Thomas (TJ) UnderwoodThomas (TJ) Underwood is a former fee-only financial planner, a former top producing loan processor and is currently a licensed real estate broker in the state of Georgia. 

He is the writer behind The Real Estate & Finance 360 Degrees Series of Books that include The Wealth Increaser, Home Buyer 411 The Smart Guide to Buying Your Home, Home Seller 411 The Smart Guide to Selling Your Home, and  Managing & Improving Your Credit & Finances for this MILLENNIUM.

In addition he is also the writer who created The 3 Step Structured Approach to Managing Your Finances, and CREDIT & FINANCE IMPROVEMENT MADE EASY—NEW GUIDE that you can download right now "(at MIMIMAL cost $3.95)" to learn more about his writing style and how you can achieve "more" success in the current economy.

He is the creator of where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner. 

He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future. He was the first financial planner to coin the phrase "financially alert mind"  and he consistently writes in a style that is designed to provide consumers the ability to take control of their lives and achieve great results.

You can contact him from a number of sources but the most direct way is to contact him through the contact us block that can be found at the bottom of this page.  You can also get highly relevant tips on "living your life more abundantly" and link to and possibly earn revenue by logging on to

He is also an IRS registered tax planning professional with over 30 years of tax experience and can be reached at:



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