Did you have too much dept or tax issues that caused you to file for bankruptcy? How can you get back on your feet and recover from the ugly "b" word? Getting Your financial life back on track can be difficult and much patience is required, but it's possible. I like to say "it's not the end of the world" and it isn't. You just have to face it and get a grip on the things that will put you back on track.
Whatever it is that lead you to file bankruptcy is now in the past, look towards the future and avoid falling back on those bad habits and patterns that made you go through this financial disaster. Let's take a look at some of the things that you can do to get back on your feet:
1. Open your eyes and get real about your situation
What caused you to go bankrupt? The last thing you want to ignore from now on is those specific things in your life that caused you to file for bankruptcy. We all experience tough times once in a while, and if you recently experienced a dramatic change in your life, then you must make dramatic changes in your finances. If you don't - things will get worse. By the way, bankruptcy has become more and more common over the years, you're not alone. According to the American Bankruptcy Institute, about 405,000 filed for bankruptcy in the last six months and it's getting higher every year.
2. Beware of SCAMS
We've all received those phone calls or have seen statements that "no credit, no problem, we can erase your bad credit, let us remove bankruptcy forever...blah, blah, blah!" Do yourself a favor and don't believe these statements, ignore them. They cannot remove certain information from your credit. If you get online you can use the Fair Credit Reporting Act's website to question or look into the accuracy of your credit report, why let scammers do it when you can do it yourself, and free!
3. One thing at a time
So you're starting all over again, what do want to do next? Do you plan on buying a car, go to college, buy a house, a boat? Slow down. Buy one thing at a time, remember you are recovering therefore you can't go out there and begin to buy multiple things. Start by writing your goals down and prioritizing in order of need and importance. Then you slowly begin to acquire these items as your financial worksheet allows it. If you don't have the money to do it, then you wait. I know this sounds very basic, but remember those are the same nasty habits that caused you to go bankrupt. Do things differently this time.
NEXT...come back for Part II of this article to learn how you can re-establish your credit and view a list of books I recommend in helping you get a new start. You may also enter your email address to the right of this post and receive our articles automatically in your inbox.
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