For Sheree, a few months after being declared bankrupt, life was the epitome of doom and gloom. She had wed Jason with such joy and expectancy for a wonderful future; now divorced and struggling with two small children she had not imagined things would be so different just a decade later.
The good news is that bankruptcy is not the end of the road. It is instead the opportunity for those who find themselves in unexpected financial downturns for varied reasons, to be able to rebound in a structured manner. According to the Office of Trustee in Bankruptcy, “it provides a legal shelter for debtors, by preventing unsecured creditors from initiating or continuing legal proceedings for the enforcement of debts.” The general prognosis is that recovery is achievable with effort, diligence and certain important life alterations.
Release the guilt and shame
Bad things sometimes happen in life; however, you cannot be bogged down in feelings of hopelessness and embarrassment. To recover, adopt a right mental attitude. Become disciplined and commit yourself to being better educated about matters so as to not repeat avoidable situations. To maximize success, surround yourself with positive persons who believe in you and who will offer practical help to take you through the process. Friends, family, your church, or members of your civic organization can provide a shoulder to lean on or an emotional charge when you need it.
Time for soul searching
Evaluate your life; ask yourself key questions such as, “how did I get to this point? What could I have done differently to prevent it? Are there bad spending habits I need to shed?” Your answers will assist you in creating a better bankruptcy afterlife. Also, learn to distinguish between your needs and your wants. For example, while the purchase of food is necessary, dining out isn’t, neither is having a designer wardrobe.
To Read More: Purchase your copy of Volume 9 #6 January-February 2018
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For Sheree, a few months after being declared bankrupt, life was the epitome of doom and gloom. She had wed Jason with such joy and expectancy for a wonderful future; now divorced and struggling with two small children she had not imagined things would be so different just a decade later.
The good news is that bankruptcy is not the end of the road. It is instead the opportunity for those who find themselves in unexpected financial downturns for varied reasons, to be able to rebound in a structured manner. According to the Office of Trustee in Bankruptcy, “it provides a legal shelter for debtors, by preventing unsecured creditors from initiating or continuing legal proceedings for the enforcement of debts.” The general prognosis is that recovery is achievable with effort, diligence and certain important life alterations.
Release the guilt and shame
Bad things sometimes happen in life; however, you cannot be bogged down in feelings of hopelessness and embarrassment. To recover, adopt a right mental attitude. Become disciplined and commit yourself to being better educated about matters so as to not repeat avoidable situations. To maximize success, surround yourself with positive persons who believe in you and who will offer practical help to take you through the process. Friends, family, your church, or members of your civic organization can provide a shoulder to lean on or an emotional charge when you need it.
Time for soul searching
Evaluate your life; ask yourself key questions such as, “how did I get to this point? What could I have done differently to prevent it? Are there bad spending habits I need to shed?” Your answers will assist you in creating a better bankruptcy afterlife. Also, learn to distinguish between your needs and your wants. For example, while the purchase of food is necessary, dining out isn’t, neither is having a designer wardrobe.
To Read More: Purchase your copy of Volume 9 #6 January-February 2018
Share this post: