Bankruptcy is about getting a fresh financial start; but sometimes despite our best efforts we can’t help but to end up falling behind on debt after bankruptcy. If you find yourself defaulting on debt after bankruptcy due to unforeseen financial setbacks, below are a few tips on how to get back on track.
The first thing you need to do when you fall behind on debt after bankruptcy is contact the lender and inform them of the situation. A call and a letter should be sufficient. Ask them if they can offer you some type of forbearance or reduced payment plan you can afford while you fix your financial situation.
If you can, try to pay at least the minimum payment on credit cards during financially difficult times. After bankruptcy it will take a few years to build up your credit try not to ruin it by missing payments and getting hit with fees.
Also, consider filing a Chapter 13 bankruptcy . If you received a Chapter 7 bankruptcy discharge more than four years ago you may be able to file a Chapter 13 bankruptcy and repay your delinquent debt over the course of three to five years.
If your bankruptcy filing was only a few years ago and you’ve run into more debt problems consider settling your debts on your own. Avoid using a debt settlement company if possible. Despite the new rules, many debt settlement companies are hard at work trying to figure out how to charge upfront fees for their services. Many creditors are willing to settle debt for as low as 30 percent of the original debt depending on the age of the debt and how far along it is in the collection process.
(source: http://www.savings.comblog/post/Buy-Like-Buffett-Four-Steps-for-DiY-Debt-Settlement.html )