Bounce Back after Bankruptcy

If you are someone who has filed for bankruptcy, do not feel alone. In fact, approximately 936,795 bankruptcies were filed nationally in 2014. Don’t give up on having a successful financial future. You can bounce back from these money missteps.

Get Back on Track

There are many reasons people file for bankruptcy, including divorce, medical issues, job layoffs, etc. Life happens. But the great news is, when one chapter closes, another chapter opens.

Start your new financial chapter off right with the following tips.

It happened. Move on. Beating yourself up for having to file for bankruptcy is not going to help matters. You need to get over the guilt and shame so that you can move on and focus getting your finances back to where they need to be. Don’t dwell on the past. It’s all about now and the future.

Learn from your mistakes. Ask yourself, “How did I get here?” “What could I have done differently?” By discovering the reasons why you landed in bankruptcy in the first place, you can prevent going down the same path again.

Set a budget – for real this time. Sit down and really go over your finances. This time when you set a budget, you need to STICK TO IT. No ifs, ands, or buts! If you can only afford this, these, and this, then don’t go adding this and that. Also, for the bills you do have (i.e., cell phone, utilities, mortgage, etc.), make sure they are all paid on time, and, if possible, early. This will help you build your credit score back up.