Life After Bankruptcy

Is there a life after bankruptcy? If you are already asking yourself this question, then you are making your bankruptcy situation being even more difficult. Although it may seem a little bit inappropriate to lecture someone affected deeply by financial troubles, the facts are clear – bankruptcy is only an episode in life. It is definitely not a pleasant one, but it is only a period and it will be over sooner or later. If there is a life after a divorce, job loss, economic crisis, and other unfortunate events, why it should not be a life after a bankruptcy?

Personal Issues

The morning after the bankruptcy is over, would be the right time for some thinking and analysis. We are not referring to regret or some other similar negative feelings or thoughts, rather objective and completely rational consideration of events that lead to the bankruptcy itself. Similar to the situation when you are moving into the new house, all of the things you do not need you leave behind. The same can be applied in this case of life after bankruptcy. Bad memories should be left behind, and only invaluable experiences saved for later use. You should keep in mind that there are so many people around you, who even count how many times they were bankrupt. With this new perspective of the problem, new creative solutions can be more easily found.

The most important thing for you to do from the psychological point of view in the life after bankruptcy is to completely neglect what other people think or may think about your situation. You simply do not need compassion or judgments. What you need is a word of a proper advice and clear instruction what to do or not do. How other people perceive your current or future situation after bankruptcy should be the least of your concerns. Although quite inappropriate the normal human reactions to seeing other people in trouble can vary from compassion even to judgment. When you hear that someone says for a bankrupt man that he or she deserves it because of the lifestyle, then you know that the negative criticism without any potential for actual contribution has reached its culmination. With an exception of only a few scenarios of the reported cases, no one certainly causes intentionally his or her own bankruptcy or enjoys in it. Have that on your mind the next time you hear someone has serious financial difficulties.

Financial Issues

Financial consequences of the life after bankruptcy can definitely be more pleasant than the personal ones. Although the procedure will be more demanding and certainly frustrating you can still get credit after bankruptcy. Your bankruptcy history works against you, but on the other side the bright side of the situation is that you can still apply. In addition, the bank accounts are also available for you. Nevertheless, the question remains at what cost these bank products will be available for you. Even in these cases there is a solution. The market has its own demands, and it is more than reasonable to expect appropriate offers of financial services even for those who wore “scarlet financial letter” of bankruptcy.

The greatest financially related worries in the life after bankruptcy are related to the cards and housing opportunities. As expected, this is not going to be easy for someone who just got through a bankruptcy. In addition, there will be all kinds of “discriminations” as a consequence of previous financial troubles. People with previous bankruptcy history may find themselves faced with frustrating and challenging bank requirements. Despite all of this the cards can still be obtained. The same can be applied to your new house plans. Definitely the first area to be affected is the amount of deposit you need to deliver to get a mortgage. Again, it is more expensive, but it is still possible.

The Show Must Go On

As we have seen there is a life after bankruptcy. Therefore, you should stop worrying. Yes, the things are not as they used to be before. And yes, things are more expensive and more unfair for you, but you have the second chance for a fresh start. Use this chance wisely. What is even more important you should continue with your life and business without a fear. The chances that you will experience the bankruptcy for the second time are real, but not so high as you may think. Even the famous philosopher Friedrich Nietzsche knows something about the life after the bankruptcy. His words applied for our purpose can sound something like: What does not bankrupt you, makes you stronger. Instead of being ashamed, you should definitely be proud of yourself for putting the troubles like bankruptcy behind you.

Andy Gorton is the author and editor of the Bankruptcy Clinic

Andy Gorton – who has written posts on Bankruptcy Clinic Blog.

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