Post-discharge, Post-close do's and don'ts?

[lss177]

Anyone got practical advice on do's and don'ts post-close for a Ch7? That is, what can you buy/sell/swap/inherit/transfer/give-away/earn after your Ch7 has closed?

Thanx!

[keepmine]

Once discharged and closed, your finances are your own business with 3 exceptions.
An inheritence, assets from a divorce or, a lawsuit. All have to occur within 180 days of your filing date. After that, you're home free.

I'd just suggest you concentrate on fixing whatever caused the bk. Live below your means and establish savings.
Get a job with health insurance benefits. Max out your 401K and establish a Roth IRA.
Be sure you have enough life insurance for your famly and adequate auto insurance. You also need short and long term disability policies.

Then, in the immortal words of Spock-"Live long and prosper"!

[sunshinepa]

I believe inheritance has a 180 day rule or something which comes into play as assets. Thats why they ask if you are expecting an inheritance within that time frame. You can earn whatever you want, bankruptcy is a look at the time of filing, not going forward for a CH 7.

I don't thing the other things you mentioned would come into play after closing (unless you are talking transferring large assets). Hopefully one of the experts will correct me if I am wrong!

[lss177]

I'd just suggest you concentrate on fixing whatever caused the bk. Live below your means and establish savings.
Get a job with health insurance benefits. Max out your 401K and establish a Roth IRA.
Be sure you have enough life insurance for your famly and adequate auto insurance. You also need short and long term disability policies.

Then, in the immortal words of Spock-"Live long and prosper"!

Good advice, and I'm on the path to establishing all of the above...

[AngelinaCatHub]

Once discharged and closed, your finances are your own business with 3 exceptions.
An inheritence, assets from a divorce or, a lawsuit. All have to occur within 180 days of your filing date. After that, you're home free.

I'd just suggest you concentrate on fixing whatever caused the bk. Live below your means and establish savings.
Get a job with health insurance benefits. Max out your 401K and establish a Roth IRA.
Be sure you have enough life insurance for your famly and adequate auto insurance. You also need short and long term disability policies.

Then, in the immortal words of Spock-"Live long and prosper"!

Excellent advice. May I also toss in there an HSA account (tax free savings for medical) if you can only afford catastrophic insurance. The max you can put in depends upon your household but for one person $4050 max per year.

If you follow "keepmine's" outline, you can't go wrong. 'Hub