What is the most important change I need to make after filing for bankruptcy?

One of the most important changes, if not the most important change that you will need to make after you file for bankruptcy is the way you make your payments. Creditors will look at whether or not your financial management behavior has changed.  Did you learn something from filing bankruptcy? Lessons such as do you pay your bills on time? Did you take out 5, 6, 7,or10 credit cards or lines of credit within the first year after filing bankruptcy? Once you file bankruptcy you must first learn to crawl again before you walk and then get up and running at full speed.

Your bankruptcy discharge is your “fresh start” and it is very critical that you use that fresh start wisely. The basic step you should start with is to ensure that every payment due and owing immediately after filing bankruptcy and every payment thereafter is paid on time. DO NOT use the grace period offered by the creditor. This type of behavior is too risky and can often snow ball into a financial disaster. Remember that all monthly payments are considered trade lines by the credit industry and any late pays can in turn decrease your credit worthiness. Often times people do not think it is a big deal being late on the telephone, gas and electric payments. This line of thinking is wrong! You must make not only your car payment on time but all payments that are due and owing on time each and every month.

As you make all payments on time each and every month you will begin to notice that your FICO score will begin to increase as the months go by. This small step will go a long way to protect your credit worthiness.