Phal rescue

My friend brought me an orchid and its not looking so hot. I have a few others so when her phal lost all its flowers she gave it to me. Im not sure where to cut the stalk and IO was wondering if some more experienced orchid growers could help me out. Im pretty new to orchids (Ive only had them for a year) and I want to give this orchid the best chance to rebloom. It has one dried slalk and one that just dropped all its blooms. Its a pretty good size too. !8" stalks and the leaves are 8-9" and startind to yellow. I repotted it in medium orchid bark. The old medium looked very old and smelled a little. I cut off a few rotting roots but it wasnt as bad as I thought it would be.
This is my first post so hello everyone!

Hi Amelia!

Go ahead and cut both flower spikes as close as you can to where they join the plant's main stem. Doing that instead of cutting further out (which some people do to encourage a spike to branch and produce a few more flowers) will ensure you get nicer blooms the next time the plant spikes.

Thanks for the reply! And I will take your advice.