The choice to file for bankruptcy is a difficult one. In short, bankruptcy proceedings are not a pleasant experience and involve a lot of hard work and difficult decisions. However, once you get to that well-earned finish line and obtain a discharge order, you really have an opportunity to take some control over your financial future. In doing so, we would recommend that you consider the following ideas:
– Obtain credit reports. Your bankruptcy has already created a disruption to your credit rating and you want to rebuild it over time. The last thing you need is for debts that have been wiped out to continue to appear as active obligations on your credit report. Any debts that have been discharged in your bankruptcy should be duly noted on your credit report as discharged.
– Maintain a file of your bankruptcy proceeding documents, including your Petition and a certified copy of your discharge order. This order is important for numerous reasons, which include correcting your credit report, or defending yourself against unscrupulous creditors that continue to harass you.
– Make a plan of action regarding debts that survived the bankruptcy proceedings. There are certain debts, such as secured debt, tax liabilities, student loans, and court ordered child support obligations that are not discharged by Chapter 7 bankruptcy proceedings. These outstanding debts can continue to haunt you, and to threaten your home and remaining property. It is critical that you continue to make full, timely payments on surviving debts. In addition, if you have an unaffordable child support payment, it may be worth your while to seek a modification of your obligation.
– Create a lean budget for your family. You want to rebuild your credit and your financial stability following your discharge. This means that you should carefully review your remaining liabilities and monthly expenses. Then, you must have a honest conversation with your family members to cut wasteful spending, to eliminate unnecessary monthly services, and to set a firm spending limit.
– Make wise financial decisions. This is a given. You have an opportunity to navigate your financial future in the wake of your bankruptcy proceedings. Don’t accept those high interest credit card offers that come in the mail, and do not take on unnecessary debt.
You Need an Attorney
Filing bankruptcy is a big decision that comes with both benefits and drawbacks. If you want smart, trustworthy, and relevant advice, contact the attorneys at Levitt & Slafkes, P.C. We appreciate the struggles that have brought you here. We work hard to provide our clients with supportive, custom tailored advice so that they can make informed choices about their financial future. With 30 years of legal experience, there is little that we have not seen. Contact Levitt & Slafkes, P.C., at (973) 323-2953, or reach us online to schedule a free consultation.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years.