subject: Incurring Debt after Bankruptcy [print this page] Incurring Debt after Bankruptcy Incurring Debt after Bankruptcy
Getting right back into debt once you've gotten a fresh start can be a devastating move to your financial situation. However, there are situations that require you to incur more debt. So, how should you proceed?If you are in the life of your Missouri or Illinois Chapter 13 bankruptcy, you must get the permission of the court to incur any additional debt or sell your property. 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. Since Chapter 13 spans a period of years, this comes up more than you think--and the court understands; 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. In order to do that, you must be cautious, set limits for yourself, and always be conscious of your financial situation. 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.There are many facts to learn when it comes to bankruptcy. Wondering what else you didn't know about bankruptcy? Get free information from reputable attorneys in your area. While many attorneys offer a free consultation, the best attorneys will offer you free articles, blogs, bankruptcy FAQ, and even publications before you set foot in an office.
