Incurring more debt during or after your bankruptcy can be a dangerous move if you aren't being cautious. For many, it is a one-way ticket back into debt. However, there may be some situations that make it the right move. So, what precautions should you take if you want to incur more debt?
Throughout the duration of your Chapter 13, you must get court permission to sell anything or get into any more debt. As I explained in my series on Chapter 13 rules, the purpose of this rule is to help you, not hurt you. The court doesn't do this to be a big brother but to simply make sure that you can handle any additional debt you take on. Because a Chapter 13 takes a few years, this issue can be common and the court understand that life happens; they just want to help you make all the right moves.
After your bankruptcy has been completed, it becomes your responsibility to make restrictions for yourself. While a St. Louis bankruptcy attorney can get you to your fresh start, the ability to make the most of it is up to you. This is also where many people get back into trouble. Incurring debt right after your discharge is dangerous. Before you know it, you could need a solution to credit card debt, protection from foreclosure, and relief from your creditors all over again.
And this time, your options for help may be limited. How will you avoid wage garnishments, harassing creditor calls, and repossession if bankruptcy isn't an option?
Bankruptcy shouldn't be used as an excuse to get back into debt. It should be used as a jumping off point to success and living the life you truly want to live. To accomplish that, you have to be as responsible as possible. Take advantage of any free information your St. Louis bankruptcy attorney has to offer about getting back on your feet after bankruptcy. It may help you realize the importance of your fresh start and use it to its fullest potential.
As you can see, there are a lot of things to know about bankruptcy. Wondering what else you didn't know about bankruptcy? Get free information from reputable attorneys in your area. Any attorney can offer you a free consultation, but the best ones in your area will go to the trouble of putting together free information to help educate you before you set foot in an office.
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