Bankruptcy filings produce a lot of documentation that you need to keep track of everything that is happening. Once you are out of bankruptcy, it is normal to ask, “Should you keep bankruptcy papers?”. The simple answer is yes, you should hold onto those papers until the refiling period for the bankruptcy ends. Here is what you need to know about how long to keep bankruptcy records.
Bankruptcy Has A Reset Period
Every type of bankruptcy has a reset period during which you cannot file for bankruptcy again for a specific amount of time. It is usually between 7 and 10 years, depending on the type of bankruptcy and the state. Until this period expires, you should hold onto your paperwork. That way, you have all of the documentation that you need in case something related to your bankruptcy comes up.
Why You Need Old Bankruptcy Paperwork
All of that old bankruptcy paperwork serves as records that you handled all of your old creditors. Many of these institutions are likely large financial institutions that are not well known for meticulous paperwork. If they come back and try to claim an old debt that you handled in bankruptcy, you need the paperwork as evidence that you handled it.
What Paperwork Should You Keep?
The paperwork you should keep is anything related to legal filings and payments. You need to create records that show what you were supposed to pay off, and then records that show you did pay it off. That means keeping legal filings, receipts, and any other documentation given to you by the court.
Should I Keep Printed Copies?
Keeping your files in digital copies is a good idea since you can quickly copy and transmit them if needed. However, it may be a good idea to keep printed copies as well. This is especially true if you have documents that cannot easily be retrieved and reprinted online. Not being able to reproduce documentation when you need it can complicate a situation quickly, and you always want to be able to quickly provide the right documentation to clear anything up.
Work With Bankruptcy Attorneys to Prevent Problems
While keeping paperwork is one way of protecting yourself, it is also important to work with a bankruptcy attorney to resolve issues. At Kain + Henehan, we work with people even after they finish bankruptcy to make sure that everything turns out the way that they need it to. Call Kain + Henehan, bankruptcy attorneys in St. Cloud, Minnesota, at (612) 438-8006 or use the contact form to schedule a consultation about your case.
