Moving On After a Chapter 7 Bankruptcy in Arlington, TX

by | Sep 14, 2016 | Attorney

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No one likes the idea of having to file for a chapter 7 bankruptcy in Arlington, TX. Even so, life can throw curves from time to time making it impossible to repay obligations that were entered into with honorable intentions. Whether the root cause has to do with unexpected medical bills, a job loss, or any other financial crisis, it pays to move forward with the bankruptcy and then start looking to the future. Here are some of the ways that the debtor can move on and minimize the odds of needing this type of legal help again.

Creating and Sticking to a Reasonable Budget

As part of the court’s requirements, the debtor went through financial training that included tips on creating a household budget. That is not some empty exercise that’s done only to appease the court. That budget should be implemented and followed to the letter. In the best case scenario, the budget structure allows the individual to operate the home on a cash basis and avoid the use of credit cards for anything other than emergencies. With the right budget, staying out of debt and running the risk of creating more financial woes is kept to a minimum.

Resisting the Temptation of Easy Credit

Once the chapter 7 bankruptcy in Arlington, TX is approved and the debts are settled or discharged, the former debtor will become attractive to many credit card companies. That’s because filing another bankruptcy action will not be possible for some time. Before long, the individual will find the mailbox full of offers that seem too good to be true.

While it does make sense to have a credit card for emergencies, forget about taking every offer that comes in. Go with one company that offers a reasonable credit limit and comes with terms the individual can live with. The rest of the offers need to be shredded and tossed in the trash.

Whatever financial crisis has led to the current situation, it can be corrected. Visit  today and learn more about what bankruptcy has to offer. Arrange for a free consultation and determine if filing a chapter 7 is the right move. If so, the documents can be in order in no time and the client will be on the way to a brand new start.

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