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How much should I save in my emergency fund after filing bankruptcy?

Date: Thu, 05/24/2018 - 21:48
Submitted by Jeremygates on Thu, 05/24/2018 - 21:48
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I have filed Chapter 13 bankruptcy for discharging debts and avoiding foreclosure. Can you tell how much we should save every month in my emergency fund since it's a long-term repayment plan


You should try to save at least 10% usually towards your emergency fund. Try to have an emergency fund that can meet at least 2-3 months of your lifestyle expenses.


Submitted by Good Nelly on Fri, 05/25/2018 - 04:49

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Hey Jeremy,

I guess you should save $1,000 for a short-term emergency purpose. Savings should have top priority during budget development after bankruptcy. So, you should avoid spending more than one-third of your income on housing expenses. As Goodnelly said, you should be saving at least 10% of your monthly income as an emergency fund or in a retirement account.


Submitted by tiarajoseph11 on Thu, 05/31/2018 - 05:31

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Both of them are dead wrong. The biggest problem in Chapter 13 bankruptcy is that you can create an emergency fund. This means you can't save a penny for an emergency fund. Chapter 13 bankruptcy has no provision for that. Do you have a stable job? You have to spend the next 3 years carefully. If there is a sudden car repair, you have to pay out of your own pocket. Got it?


Submitted by ditchdebt on Fri, 06/08/2018 - 05:20

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