Ter1717

I am a newbie in option and have been learing all the option basic and strategy ( credit spread , iron condor etc..) . i have started papertrade and has since move to live trading via thinkorswim platform. I have some question regarding action/steps* needed after expiry and seeking enlightenment and assistance. I understand a credit spread is loss limited but need to know what step or action* one need to take* to ensure the loss is limited after expiry. ( Assuming I did not* do any rolling or cut-loss and let the spread expiry ....) eg:* Bull Put Credit* spread* short a PUT at* $60 and* long a put at $50,* stock price at $70 - Max loss will be $10 per option unit of $10X100. (1)At expiry, stock price at* $52, so only* the short put is ITM. What does one need to do to ensure the loss will be as expected at $800 ? ($60-$52 = $800) ie: as the* PUT60 buyer will most likely exercise the option* and I will be "assigned",* do I need to pick up the stock at $60 (which means I need to have $6000 in acct) and then resell it* at the market price $52* so that my loss will be $800 as anticipated ? (2) At expiry,* stock price at $40.* so both short and long put are ITM. Again, my* short put $60 will probably be assigned , do I need to exercise my long put$50* so that my total loss will be $60-$50 = $1000 as expected...... Hope this is not too stupid a question but it can be a real life situation when one left the spread go expiry due to some reason and I will appreciate any one that can hlp shed some light to my question ... Thanks.