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The Fastest Ways to Recover from a Bankruptcy
No one expects being in a financial bind (personally or business wise) that makes them have to file for bankruptcy. In the worse case scenario if you have to file for bankruptcy (whether it is chapter 7 or chapter 13) understand that it is not the end of the world. All you have to do is understand that there is a way to rebuild your finances back up to normal and eventually live life stress free again (at least in this situation).
Save, save, save!
The main key to recovering from a bankruptcy is beginning to save your money wisely. After a financial burden such as bankruptcy you will not only have to pay off your debt (which could include interest) in addition to daily living. Once you begin saving your money and budgeting correctly you will be able to pay off your debt while being able to pay current bills and other life necessities.
Re-adjust your lifestyle
This element goes hand in hand with the first step, which is to save your money. Although it may be a bit tough mentally to scale back on your lifestyle, at the end it will be all worth it. Maybe you will not be able to go out and splurge on entertainment events or eat your favorite food every single day. It will take some time to adjust and get back to. Don’t worry… in due time you will be able to get back to your normal lifestyle. When you do, be sure to reward yourself once you are back to where you are financially stable and comfortable.
Apply for a secured credit card when it is time
Once you get back to a place where you can begin rebuilding your credit, it is important to start off small. The time in which you can apply for a secured credit card line will vary depending on your situation. This time frame can be 6 months or 2 years. Just remember to not make the same mistakes you made before.
Keep a positive attitude
Although this is not the best situation to be in and it may be easier said than done, stay positive. In due time, everything will be taken care of and it will only hurt you more (mentally) if you keep reflecting on the negative more than the positives that will happen as you recover from bankruptcy.