Once you decide it is time to file a Chapter 7 or 13 bankruptcy, much of your focus is on dealing with the associated requirements. For example, you must prepare for meetings and participate in educational courses.
Most people are too consumed with bankruptcy procedures to consider what things might be like after filing and completing bankruptcy procedures. Thinking about the future can prepare you for life after your bankruptcy, the possible benefits and downsides.
2 potential pitfalls to avoid
After bankruptcy, you may receive an onslaught of unsolicited credit repair offers, some promising miraculous results. These offers could be scams (even after bankruptcy) meant to capitalize on your vulnerability. Spending money on even a legitimate company could worsen your circumstances.
Falling back into poor money management habits is another possible post-bankruptcy pitfall and is disturbingly common. Heed what you learned during the required credit counseling and debtor education courses to stay on track.
2 probable rewards to welcome
One thing may be a certainty—you might have more peace in your life than you probably experienced in a very long time. You won’t have to worry about your unpaid bills anymore, and you won’t need to avoid answering your telephone.
Another reward to expect is improved mental and physical health. Studies show that overwhelming debt has a harmful impact on wellness. Once your debt is gone, you may see an improvement in your overall condition or specific problems like chronic depression and hypertension.
Of course, you need more information if you are planning a Tennessee bankruptcy. Knowledge of the laws and requirements can ensure you make no missteps that could prolong your experience.
