While a Chapter 7 bankruptcy is often consider the fastest form of personal bankruptcy, that doesn’t mean it happens immediately. As the proceedings continue, you may find yourself waiting for court dates to be set, creditors to meet, paperwork to be filed, and so on. What should you do with this time on your hands? Here’s what you should know.

Notify Your Creditors

In a perfect world, all your creditors will be automatically notified of your bankruptcy proceedings and will stop contacting you. In the real world, creditors often continue to contact you anyway for a number of reasons – often, because debt trades hands often and automated call lists don’t know about your bankruptcy. So make sure to alert all creditors who keep on calling you that you are in bankruptcy and what they are doing is in fact illegal.

Don’t Repay Loans on Your Own

When in the midst of bankruptcy proceedings, it can sometimes be tempting to take care of certain debts by yourself or under the table. This is particularly common if you owe money to friends or family and want to make it right as you head into bankruptcy. However, this is a serious mistake. Do not change or pay off any debts during this time – it may mean that you have to start over entirely.

Understand Your Exemptions – and Prepare Accordingly

During the proceedings, ask your bankruptcy attorney about what exemptions to expect – will you be able to keep your house? Your car? What about other assets? If it’s very likely that an asset will be sold off by law, then it’s a good idea to start preparing for that now. This is particularly true if you will have to sell your house. Getting ready to move, cleaning your house, and making it presentable for sale will help the process greatly, and ensure your bankruptcy ends as quickly as possible.

Avoid Large Expenses

First, you never want to try to get new credit while in a bankruptcy. Second, all your liquid assets should be carefully accounted for and protected, so buying expensive items with any cash you have left may be tempting, but it’s not a good idea. Likewise, avoid movijob search after filing chapter 7 bankruptcy ng too much money around in general.

Work on Creating a Steady Source of Income

It’s never too soon to plan for the future, and you will want to get back on your feet as soon as possible. This is why it’s a good idea to look for a source of steady income if you do not
currently have one. A full-time job can be a boon at court and in your personal life as your bankruptcy continues, so don’t stop looking.

Let Your Attorney Know about Any Significant Financial Changes

Sometimes you can’t control financial changes, so when anything important occurs – an inheritance, a sudden job loss, a new medical expense, etc. – be sure to let your attorney know as quickly as possible. Your attorney may also be able to help you prepare for the future and make important financial transactions to prepare for the bankruptcy properly.