Your Steps to Success With a Chapter 13 Bankruptcy
Like most things worth doing, Chapter 13 bankruptcy is a process that requires a commitment of time and discipline; but the rewards at the end of Chapter 13 bankruptcy could leave you completely debt free and on your way to a financially successful life.
Below are three things every Chapter 13 bankruptcy debtor should do to ensure that their bankruptcy process is a successful one:
- Make sure that Chapter 13 bankruptcy is right for you before you file. Chapter 13 bankruptcy isn't just for people who have income; it is for debtors who are willing to stick with the process until their repayment plan is completed. Debtors must decide that they are willing to remain committed to the process before their file chapter 13 bankruptcy.
- Seek out financial help and advice so that you can forge new financial habits. Chapter 13 bankruptcy will help you repay your debts; but if you play your cards right, it can also help you create new and lasting habits that will increase your chances of financial success after bankruptcy. Take the time to read books and take classes on personal finance so that you can maximize the benefits of Chapter 13 bankruptcy.
- Prepare a budget and stick with it. When you file for Chapter 13 bankruptcy, you will work with your bankruptcy attorney to create a repayment plan. This budget is designed to allow you to repay your creditors and maintain your current lifestyle. But the budgeting necessity doesn't stop when your repayment plan is complete and your debts are discharged, continuing to budget smart can help you lay the foundation of healthy financial habits you can use after bankruptcy and beyond.
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