Once you’ve filed for Chapter 13 bankruptcy, it’s time to begin putting your financial life back together. Just because you have filed it doesn’t mean that you are out of the woods. You can still rack up debt after filing for bankruptcy and it’s something you definitely don’t want to do. Here’s how you can stay out of debt after filing for bankruptcy in New York
Educate yourself as much as possible. Going through bankruptcy is a good learning experience and should be treated as such. By going through bankruptcy, you can learn how to avoid it in the future and avoid going back into debt. Learn all you can about credit cards, loans and other ways you can get into debt.
Come up with a plan for repaying any debt that you get into following bankruptcy. It might be natural for debt to accumulate in life, so figure out a repayment plan ahead of time. This can include making multiple payments per month instead of just the minimum monthly payment on a credit card or loan.
Put together an emergency plan. The emergency plan should only be put in place if you accumulate unforeseen debt after your bankruptcy. The emergency plan should involve a savings account or other type of asset that can be utilized to pay down the debt you have accrued.
Are you headed towards bankruptcy in Long Island? Are you working your way out of bankruptcy? If so, visit our site to learn how our firm can help you manage debt after bankruptcy.