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There is Life After Bankruptcy

By Lacy Gallagher on October 9, 2011

Filing bankruptcy is obviously not an ideal situation, but it is not the end of the world either. No matter which type of bankruptcy you file, Chapter 7 or Chapter 13, you have to make changes to your life after the fact.

Chapter 7

This type of bankruptcy is the type of bankruptcy where your non-exempt assets are liquidated to repay creditors. People who are struggling to meet basic needs each month commonly file this type. Debtors must have qualified under the “means test” and have completed the pre-filing session with a credit counselor.

Chapter 13

With this type of bankruptcy, the debtor reorganizes the debt under a court appointed plan—it is basically a form of debt consolidation. The debtor that files this type of bankruptcy has significant equity in a home and do not want to lose it. People who are able to meet living expenses but are having difficulty meeting scheduled payments on your debt. To qualify for this type of bankruptcy an individual debtors unsecured debts are under $360,475 and whose secured debt is less than $1,081,400.
  • Adopt a no-frills lifestyle. Frills cost money and now is the time to start saving money instead of spending it.
  • Budget. Not only do you need to create a budget but also it is very important to stick with it.
  • Build up a savings account. Having your own money means that you are less likely to use credit that is essentially spending money you do not have.
  • Rebuild good credit. It is vital to reestablish a legitimate credit score following bankruptcy in order to rebuild your financial future, but it may be tempting to reopen credit lines.
  • Pay all bills on time. Prompt payment of bills is easier way to improve your credit score.
  • Get a second credit card and pay off every month. A quick and effective way to start rebuilding your credit is to open a credit card. While your recent bankruptcy might cause high interest rates only use this card for purchases that you are able to pay off immediately.
  • Keep your eye on the end result: being debt free. A life without the stress of debt is light at the end of the tunnel, so throughout this whole process do not lose site in your final goal.
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