How to Beat a Chapter 7

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    Terminating Before Discharge

    • 1). Assess your financial situation fully with your legal representative and your Trustee. If your financial situation improves sufficiently that you can repay your creditors, you can avoid long-term effects on your credit and financial statements by petitioning the Court to withdraw from the Chapter 7 proceedings.

    • 2). Contact your creditors immediately and tell them what is happening. Once your Chapter 7 proceedings are closed without a discharge, all creditors will be notified by the Court. If you want to avoid harassing calls from creditors who want to be paid, you should let them know when you will be paying them.

    • 3). Review your financial management and credit practices. The counseling you received as part of your Chapter 7 filing requirements is valuable to you in helping you understand how to manage your resources and live within your means.

    • 4). Develop a reasonable budget plan. Pay close attention to expenditures and purchases, and set aside a portion of your income to handle any unexpected expenses. Keeping your outstanding debts to a minimum is usually the result of setting realistic goals.

    Coping After Discharge

    • 1). Review your financial management and credit practices. The counseling you received as part of your Chapter 7 filing requirements is valuable to you in helping you understand how to manage your resources and live within your means.

    • 2). Develop a reasonable budget plan. Pay close attention to expenditures and purchases, and set aside a portion of your income to handle any unexpected expenses. Keeping your outstanding debts to a minimum is usually the result of setting realistic goals.

    • 3). Take active steps toward rebuilding a good credit rating. Such steps include paying more than minimum balances on outstanding debt whenever possible, and always pay creditors on or before due dates.

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