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How Bankruptcy Can Be Used as a Financial Planning Tool

Posted By Allmand Law Firm, PLLC || 30-Jan-2014

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Filing for bankruptcy doesn't have to mean you've given up on your finances. You don't have to keep struggling in figuring out how you will meet necessary financial obligations month after month. Chapter 7 bankruptcy can help you wipe out debts while Chapter 13 bankruptcy can help you pay them with an affordable repayment plan. Both options can help you keep your assets while helping you make smarter financial decisions moving forward.

There are actions you can take before, during and after the filing process that all play important roles in how you control your finances. The following points highlight a few of the actions:

  • Before filing you make a list of debts and review monthly income to see where your money is going. Many have budgets established but feel it is still impossible to make their money stretch.

  • In order to begin the filing process for bankruptcy you are required to complete credit counseling. There is a financial management course you are also required to complete in order to obtain discharge of debts. These courses are simple to complete and offer a vast amount of information that can help you understand how to improve your finances overall.

  • Debtors can plan before, during and after the filing process on how they want to improve financial stability for their households. This may include making changes to your budget spending habits, or seeking further financial advice from an expert.

Prominent businesses and individuals continue to use the bankruptcy process to help them get the relief they need. Getting informed about the filing process from an experienced bankruptcy attorney can help you make informed decisions you and your family can benefit from.

Reference: http://chicagobankruptcy.com/wrobelblog/?p=226

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