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How long should you keep bankruptcy-related documents?

On Behalf of | May 8, 2023 | bankruptcy |

When you file for bankruptcy, it may seem like you will never stop filling out forms and documents. However, these are necessary to help you secure the financial help you need.

You may wonder if you should keep these documents and forms after your bankruptcy is finalized. While there is no legal requirement for you to do this, there are a few reasons why you should keep a copy, at least for a while.

Provide proof for creditors that the debt was discharged

After your bankruptcy is finalized, it is like your debts never existed. You cannot be sued, nor can your wages be garnished. However, some creditors will still try to do this. This is especially common if a third-party company purchases your debt. With copies of the documentation, you can provide proof of the discharge and ensure the creditors do not continue to contact you.

Check your credit report moving forward

After a debt is discharged, this should be shown on your credit report. However, even credit bureaus can make mistakes. A copy of your bankruptcy paperwork can prove to the credit bureau that your report needs to be updated. It is wise to check your credit report regularly after the discharge to ensure that it reflects all the eliminated debts.

Keeping your bankruptcy paperwork can benefit you in the future

After your bankruptcy is finalized, you may want to forget about your financial hardships and eliminate all evidence they existed. While this is a normal feeling, keeping copies of your paperwork is recommended. This will ensure you can prove your debt was discharged if needed. You often need the documents if you apply for a car loan or mortgage in the future.