If you’re unsure of what happens after a successful bankruptcy, if you have some fears, you are not alone and there is help. This blog guide is designed to help you save money, protect assets, and reap the rewards of a bankruptcy.

Why file Texas bankruptcy?
Filing bankruptcy in Texas has some unique advantages. Take one of the most innovative laws in the entire country, the Texas homestead exemption. Where some states have limits on home exemptions, in Texas there is no limit. Why note this? If you have a home – and you’re worried about losing it – this simple law can literally change your life. You have to think after bankruptcy: what your income will be, where you will live, what expenses you have to pay, etc. If you can keep your residence, that is obviously a big advantage.

After Chapter 7 Bankruptcy
You just discharged some major debts, the big benefit of filing bankruptcy. How much can you save? There is no limit on how much you can discharge in a Chapter 7 bankruptcy. This creates real value for filers. However, there are some strategies for success and to avoid a second bankruptcy. In many situations, the bankruptcy was no fault of your own. You lost a job, got a huge medical bill, or simply could not keep up with credit card payments. Even if you had a role, we all make mistakes. The important thing to do is move on, to prepare for life after bankruptcy, and to avoid filing a second time. You may, for example, set a goal of getting a job with medical benefits, or of having only one credit card, or of paying all bills on time. (You can, in certain situations, follow all these strategies.)

During Chapter 13
A Chapter 13 bankruptcy can protect your home from foreclosure, buy you time to pay on debts, help you avoid spiraling debts, and help keep other assets. If you make too much money, higher than the Texas median income, you may have to file Chapter 13. Many overlook the advantages, namely how if you have a home and want to keep it, Chapter 13 bankruptcy may be your best option.

After Chapter 13
There are some strategies for success after a successful Chapter 13 filing. It takes much longer than a Chapter 7, but this buys you time to pay on debts. If high credit card interest rates hurt you, you may also try to eliminate the majority of your credit cards. Since you may have more trouble getting loans and credit cards, you can set a plan of rebuilding your credit by opening a secured credit card with your bank. You might also plan to keep your home in case of future unemployment by setting aside money from each paycheck.

If you are unsure of where to begin after your bankruptcy is done, take it one step at a time. Give yourself reachable goals, things you can get done on a monthly basis. The goal is to avoid a second bankruptcy filing. Some of us cannot avoid a second bankruptcy, but if you protect your income, maintain medical benefits, keep up on bills, and save money to protect assets like your home and car, you can avoid future problems.