So You Filed for Bankruptcy. Now What?
Starting over after a bankruptcy is tough, but it is very possible. The motivation to start anew and begin again with a positive outlook can really help in the struggle to get back on track.
Declaring Bankruptcy Equals Loss of Self-Esteem
For many people, this is a true statement. Declaring bankruptcy is a hard thing for some people to do. For many businessmen, having to declare bankruptcy means they have failed as a person. They wallow in depression and find themselves trapped with no idea of how to escape the situation. They let themselves go down a path that bears no money, no property, and worst of all they have no self-esteem.
How to Rise Above Bankruptcy
Getting beyond bankruptcy is hard, but there are ways in which we can recover from such a devastating blow. While there are many people who struggle to recover from a bankruptcy, it’s important to keep in mind that many financially lucrative people today have experienced bankruptcy at some point in their lives. Each of these individuals learned from their mistakes and motivated themselves to rise above it.
Some Steps to Take to Move Beyond Bankruptcy
- Contact a bankruptcy lawyer to see if they can help guide you through the process. You will find the help priceless as bankruptcy can affect you and your family for many years. Bankruptcy law can change often and it helps to be current on where you stand in the process.
- Realize that insolvency laws in the US have certain protections built in that will protect you, in most cases, from losing your home. Just know that each state has its own exemptions and regulations, which may or may not coincide with the federal laws, so get with your bankruptcy lawyer about that.
- Also realize that in many cases it’s said that bankruptcy will stay on your credit history for ten years, and while for the most part that is true, there are exceptions. There are also companies out there who will prey upon bankruptcy victims and try and offer them credit at extremely high rates with many additional charges. Please do not fall into this trap.
- If you remain vigilant and steadfast in your quest to rebuild your good credit, you may find that in less than four years you have reestablished your credit. This may not be the case in all circumstances, but realize that it can be done. It’s a goal worth working towards.
Lessons That Bankruptcy May Teach Us
It’s usually no one thing that can lead to bankruptcy, nor is it because a person is a failure at business or life. The credit companies want you to believe that people that file for bankruptcy are looking for an easy way out. There is no right or wrong way to achieve success. We can learn from the mistakes of the past and realize that the most important thing we can do to overcome bankruptcy is to remain open-minded. Keep your self-esteem and look at the situation with a clear head. Never allow yourself to be undone by the mistakes of the past. And, above all, stay motivated to succeed.
Byline: Devin Burr knows that personal bankruptcy can be scary and daunting, which is why she tries her best to help folks recover from it.