Many people see personal bankruptcy as an ending when in fact it can be a beginning. You may hear someone speak of bankruptcy as a "clean slate," and while this is true, it may not feel that way when you are faced with telling the court you cannot pay your bills.
However, as one person discovered, shame and despair do nothing to reverse the financial problems you are experiencing. Instead, you must decide for yourself what your path forward is and how you will meet your new goals.
This person decided to live her life using money-saving techniques that many of us can follow. For example, many people max out credit cards paying for unnecessary items such as dinners out, vacations, and clothes. Examine your previous lifestyle: Are there small changes you can make that will have a big impact on your financial bottom line?
Another area to examine closely is your use of payment plans to finance purchases of furniture or appliances. Could you repair the washer or slipcover the sofa while you save cash for a new one? Paying cash for your purchases almost always keeps you financially afloat while financing tends to pull you into monetary quicksand. Income from an extra part-time job can be set aside for planned purchases.
The important thing to remember is that having a plan to get back on your feet gives you not only financial control but helps you regain your independence and self-esteem. If tips such as these aren't enough to prevent financial disaster, personal bankruptcy remains a viable option for many people.
Source: Health, "How To Bounce Back from Bankruptcy," Melissa Stone, Aug. 24, 2012
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