Don't Forget These Two Steps When Preparing to File Chapter 7 Bankruptcy
Chapter 7 bankruptcy can provide freedom from oppressive debt. However, to avoid falling into financial trouble again, you need to make adequate preparations. Here are two things people often forget to do when filing for Chapter 7 bankruptcy.
Budget for Ongoing Payments
When people file for bankruptcy, an automatic stay prohibits creditors from trying to collect on the debts owed for the duration of the case. The problem is people don't realize that only applies to consumer debt and balances due at the time they filed bankruptcy.
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