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3 (more) steps to take after a chapter 7 or 13 bankruptcy

On Behalf of | Jan 23, 2023 | Personal Bankruptcy |

The aftermath of a bankruptcy filing (and discharge) is filled with uncertainty for many. For example, you might feel relieved about addressing your debt and a little anxious about your future at the same time.

This blog offers features, tips and guidance for life after bankruptcy. This time, it will describe three steps to take during and after your bankruptcy proceedings.

Start an emergency fund 

Create an emergency fund and add to it – even just a dollar here and there – as often as possible. It might take time to build a sizable amount, but it can help you avoid future debt-related hardships should an emergency arise.

Save all bankruptcy documentation

Preserve all paperwork related to your bankruptcy case from the moment it begins until you obtain a final discharge. Having this information serves your interests in at least two ways. You can show it to potential lenders to remain transparent about your financial situation. You can show it to creditors as proof of your bankruptcy if they try to collect on an old debt.

Stay on a steady course

Eventually, you may want to obtain new credit or take on a mortgage. An effective way of showing potential creditors and lenders you can manage new debt responsibly is by maintaining a stable residence and occupation. The wake of bankruptcy is not generally a good time to switch careers or make other drastic life changes.

Your journey toward freedom from debt may pose a few obstacles to overcome, but the result is worth all your efforts. If you would like more information before filing, consider learning about the bankruptcy requirements in North Carolina.

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