For former bankruptcy debtors to fully utilize a fresh start, they must stay current with their monthly debt service. It is safe to assume that this debt service will be significantly reduced by the filing of and ensuing discharge in the debtor’s bankruptcy case. Yet, debtors still have monthly bills like the rest of us. Because debtors must have the necessary income each month to pay their bills, they must maintain employment to ensure that they may fully optimize their fresh start.
It may seem obvious to keep working after a bankruptcy debtor receives a discharge, but some former debtors buoyed by the elimination of most, if not all, of their debt, believe that working hard and accumulating as much income as possible after the completion of a bankruptcy case may be an unnecessary course of action. It may be that this way of thinking started their financial problems in the first place.
But it is necessary. It is inevitable that some unforeseen, unplanned, and unwelcome events will arise at some point in the future and place pressure on your finances. It is best to prepare for such a moment by having as much income as possible to address the situation. There’s nothing wrong with building your savings account and, perhaps, even investing any extra disposable income that you earn each month. It will make life after bankruptcy much more palatable and stress-free.
The Morrison Law Group strives for complete client satisfaction with the services that we have provided over the course of a bankruptcy case, as well as the ongoing services that we provide post-bankruptcy. Not all Utah Bankruptcy attorneys can make this statement, but the Morrison Law Group is not like other Utah bankruptcy law firms. The Morrison Law Group can help if you just need to talk about your Chapter 7 or Chapter 13 bankruptcy options. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.