Following your Chapter 7 bankruptcy in Owatonna, MN, it can be difficult to envision a financial path forward. Rebuilding after bankruptcy doesn’t happen in a day, and in fact can take months and years in order to regain your equilibrium. While this can sound daunting to individuals just beginning their recovery journey, that time is allotted to give you room to breathe. At Behm Law Group, we help you through every step of your Chapter 7 bankruptcy. We provide the legal insight and tools you need to achieve a better and more financially secure future.
Rebuilding After Bankruptcy
If you’ve spent years spending and saving in a certain way, rebuilding after bankruptcy can feel foreign. Should you stop spending entirely? Not necessarily, but you do need to make sure you’re budgeting and meeting all of your payment deadlines. Similarly, you can, of course, save money., You should always ensure that you have the funds you need to satisfy your payment plan.
Credit
Many individuals rebuilding after bankruptcy may be interested in opening new credit, but it’s important to remember that your debts need to be discharged for this to be possible. You won’t be barred from utilizing credit for your whole life. If you haven’t fulfilled your payment yet, you’ll have to wait until that debt has been completely managed.
Chapter 7 Bankruptcy
While this might seem like common sense. It’s difficult to picture how you’ll react to life after Chapter 7 bankruptcy until you’re there. If you’re in the process of rebuilding after bankruptcy, you shouldn’t be making any large financial moves. This can include buying new assets such as a home or car. Additionally, if you haven’t discharged your loans yet, getting favorable rates on major purchases can be difficult. Rather than making any big moves, keeping to your payment plan and avoiding large purchases as a whole is almost always a safer bet.
If you’re looking for legal support throughout the Chapter 7 bankruptcy process or are interested in a professional consultation near Owatonna, MN, contact Behm Law Group today at (507) 387-7200, send us an email, or visit our website to learn more. Rebuilding after bankruptcy may seem like a lengthy process, but once your debt is discharged, you’ll be grateful that you adhered to your payment plan and emerged financially stable and prepared for the future.
