Filing for Chapter 13 bankruptcy gives you an opportunity to get ahead of your debts while helping provide relief from your creditors. Even though this can give you a fresh start, it won’t be easy. The financial, personal, and emotional impact of this course of action can be difficult to handle, but this guide will offer some suggestions to help you better manage the situation.

How to Get Through a Chapter 13 Bankruptcy

1. Keep a Close Eye on the Paperwork

Filing for bankruptcy requires submitting a petition to the court, which must be accompanied by tax returns, pay stubs, credit reports, and other financial statements. You could make your situation worse or delay the proceeding if the information you submit is inaccurate. For this reason, verify you’re submitting thorough and accurate information to the court.

2. Create an Actionable Budget

Now that you have a chance to escape the collections process, ensure you stick to the repayment plan you submit to the court. This means creating a budget that allows you to meet your monthly expenses while leaving enough to make payments to creditors. As your financial situation changes, or as you pay off a creditor, revise your budget to utilize your income more efficiently. Reworking your budget every six months will help you make smart use of your finances.

3. Join a Support Group

Seeking this type of debt relief still carries some stigma and can leave you feeling depressed or anxious about the future. Connecting with others who have gone through similar experiences can help you control the emotional impact.

Also, people in your support group may help direct you toward other resources that can help. If you can’t find a support group in your area, try organizing your own. This can give you something positive to focus on while letting you help others.

4. Keep Up With Credit Counseling Requirements

Along with developing a repayment plan to satisfy your creditors, filing for Chapter 13 bankruptcy also requires attending credit counseling courses. While this is court-mandated, you should not view this as a punishment. Instead, it’s an opportunity to learn more about how to build good credit and manage your finances more responsibly. By the time you complete a credit counseling course, you’ll be prepared to manage your spending.

As you file for a Chapter 13 bankruptcy, stay in contact with your attorney. Whether you have a problem with a creditor disregarding the automatic stay or you lose your primary source of income, Arndt Buswell & Thorn S.C. will help you handle changes. Their expertise and knowledge will help you avoid making mistakes that could make your situation worse. Backed by 25 years of experience, they offer the debt relief services you need to rebuild your life. To schedule a consultation, call (608) 269-1200. Visit them online to explore their practice areas.