What can you do after filing bankruptcy? What can't you do?

Core Points - Bankruptcy is a legal process that provides relief from overwhelming debts but comes with specific limitations and obligations that must be adhered to [6][10][11] Group 1: Bankruptcy Process and Obligations - After filing for bankruptcy, individuals must complete a debtor education course to receive a discharge, and failure to comply with court orders can lead to case dismissal [1][2] - Both Chapter 7 and Chapter 13 bankruptcies require court oversight, including attending meetings and submitting documents [2][3] - There are waiting periods before individuals can file for bankruptcy again, with Chapter 7 requiring an 8-year wait and Chapter 13 a 4-year wait after a previous discharge [3][4] Group 2: Limitations Post-Bankruptcy - A bankruptcy filing significantly impacts credit reports, with Chapter 7 remaining for up to 10 years and Chapter 13 for up to 7 years, making it difficult to obtain new credit [6][7] - Certain debts, such as student loans, child support, and recent tax debts, are not dischargeable through bankruptcy [10] - Individuals cannot cosign loans immediately after bankruptcy due to being viewed as higher-risk borrowers [12][13] Group 3: Rebuilding and Financial Management - Rebuilding credit is essential after bankruptcy, and individuals are encouraged to adopt careful financial habits, including budgeting and using secured credit cards [14][15] - Honesty in future credit applications is crucial, as lying about past bankruptcy can lead to fraud charges [16][17] Group 4: Broader Implications - Bankruptcy can affect employment opportunities, particularly in finance-related jobs, and may complicate renting and insurance processes [20]