8 Tips to Making Chapter 13 Bankruptcy Work for You

8 Tips to Making Chapter 13 Bankruptcy Work for You

8 Tips to Making Chapter 13 Bankruptcy Work for YouWhen you file for Chapter 13 bankruptcy, you should be in a better position to pay your bills, but making bankruptcy work may not be as easy as you think. You will set up a plan to repay your debts over a period of 3-5 years, during which you will have to take control of your finances. If you aren’t careful, you could end up back in the same financial situation that you were in before filing.

Taking Control of Your Finances

Here are 8 ways to take control of your finances, and make your future brighter:

  1. 1. Live within a budget. Set a realistic budget and make sure that you stick to it.
  2. 2. Make payments on time. Use online bill paying and automatic withdrawals whenever possible to make payments. For other bills, use a calendar as a reminder.
  3. 3. Re-run your credit report. After your bankruptcy has been filed, re-run your credit report and dispute any incorrect information.
  4. 4. Avoid taking on too much additional debt. Not only is it a bad idea to take on a lot of additional debt, but you will need to prove that it’s necessary.
  5. 5. Begin saving money. Start an emergency savings account, as well as saving for future goals, such as buying a house or vehicle financing following bankruptcy.
  6. 6. Start contributing to your retirement accounts. To ensure that you’ll be able to retire some day, start making contributions as soon as possible.
  7. 7. Rebuild your credit. While waiting for the bankruptcy to be discharged you can rebuild your credit by financing something, such as a used car, that you can easily afford the payments on.
  8. 8. Be realistic and patient. You didn’t get into financial trouble overnight, so don’t expect to fix it overnight either. Don’t fall for scams that promise to fix your credit. They don’t work, and they’re illegal!


How We Can Help

If you need help with rebuilding your credit during Chapter 13 bankruptcy, BankruptcyAutoFinancing.com can help. Simply fill out our secure online application to find out how much you could be approved for. Our network of lenders will get you into an affordable used car, which will help get you back on the road to financial success.

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