After Bankruptcy – Bankruptcy Law in the State of New York

June 25, 2012 // Uncategorized

After Bankruptcy – Bankruptcy Law in the State of New York

Even though your debts have been successfully discharged, it does not mean you are completely off the hook yet. If within the next 180 days after filing for bankruptcy you receive or become entitled to receive any inheritance, proceeds of a life insurance policy or death benefit plan, or property from a divorce settlement, you have to report any such property to your bankruptcy trustee. These three types of property will still be part of your bankruptcy estate and the trustee is entitled to take any such property to distribute the proceeds among your creditors. If you fail to report these types of acquisitions to the trustee, let’s just say you will be in a lot of trouble.

Once this 180 days period is over, you are completely free from any supervision by a bankruptcy trustee. At this point you will not have any credit cards to go on an uncontrollable shopping spree. But you won’t have to pay off your old credit card debts that held you back either. It feels liberating, doesn’t it? For the first one or two years after filing for bankruptcy you will only be able to spend what you earn. So use this time wisely to learn to live without credit.

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