How Bankruptcy Can Be Used as a Financial Planning Tool

7643873724_59cc54c54c_o

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

By | 2017-12-13T02:05:57+00:00 January 30th, 2014|Bankruptcy|Comments Off on How Bankruptcy Can Be Used as a Financial Planning Tool