How Can I Recover from Bankruptcy?

1,511 Views Updated: 17 Jul 2018
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How Can I Recover from Bankruptcy?

Many misinterpret bankruptcy as absolute failure, one so deep and dark that none can bounce back from. It’s a gloomy pit of financial despair, leading to other problems such as isolation and depression. However, bankruptcy isn’t the end, and it’s not over until the fat lady sings. After all, some of today’s most successful people were bankrupt at one stage or another, which shows that it can be a learning curve more than anything else!  

If it hits you, hit back harder. Here are some ways by which you can recover from bankruptcy!

Review your Spending

Make no mistake, bankruptcy is not something to aspire to, as you probably well know. Consequently, the first place to begin in making things right is with yourself. You can’t learn or improve in any aspect of life without some self-reflection first, so take the time to pour through your receipts and payment histories to work out where you’re going wrong.

There’s nothing that can’t be set right by some education. Research money management and get to know yourself; how did you spend your money wrong, and how can you improve for next time? Are you paying bills late? Did you bother to budget? Answering such questions will provide you with a strong foundation from which you can start to recover from your bankruptcy. Accept responsibility and move on!

Don’t Get Desperate

Bankruptcy can lead to irrational thoughts and behaviour. Remember, there are a million ways to make back your money, but only a few of them are fully legal, ethical and responsible. Desperation can lead you down a dark path of misery, and before long you can be signing up to scams to claw back a modicum of what you once had. Calm down and stand by your integrity.

Avoid borrowing money from illegitimate sources, especially those with extortionate interest rates or criminal behavior. Obviously, you don’t want to land yourself in prison too, or further down the financial well. Remind yourself that many people have been in your shoes before and got out safe and sound, and your situation will be no different!

Alternative Bank Accounts

Being bankrupt doesn’t mean you’re bank repellent. Sometimes, it’s a great help to know that the world won’t ever give up on you. While some big banks might turn you away, there are alternative options, and banks, that are out there willing to step in, lend a hand, and help you get back on track.

For example, Think Money provide a great bank account service for all in need, making certain that those who have fallen on hard times can get back on their feet in no time. You only need to be 18 or over to use their services, and credit checks and expenditure histories are thrown out the window. In the end, their interested in helping you pick up the pieces alone.

Posted by: Fakhruddin Posts: (90) Opinions: (2) Points: 3,027 Rank: 38

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