Life after Bankruptcy

Life after BankruptcyThere are many myths and misconceptions about what life is like after a bankruptcy. Many people who file experience a feeling of failure, and believe that they won’t be able to obtain any credit for years, much less a mortgage. However, many people file bankruptcy every year and bounce back in a relatively short time. A bankruptcy attorney in Bryan can help you through the difficult process of bankruptcy and provide you with advice on things you can do to avoid financial problems in the future.

Dealing with Shame 

Bankruptcy continues to carry a stigma. Finally conceding to the fact that bankruptcy is your only viable option can bring emotional difficulties. However, there is no shame in admitting that you are over your head in debt. A great many bankruptcies, in fact, occur because of necessary medical expenses that are not covered by insurance. Many people have lost their jobs and either have not been able to find new ones or have had to accept a lower wage.

If you need to file bankruptcy, you are not alone. According to the United States Courts website, 1,071,932 non-business bankruptcies were filed in 2013. This statistic suggests that the ill-effects of the Great Recession are still very much among us.

How to Rebuild Your Life after Bankruptcy

Once you file bankruptcy, your life will change, but this change can be positive. The following are steps to take:

  1. Set up a support group to help you get to a healthy place emotionally. This can include friends, people you know at church or in clubs, and family. Make sure that the people you include are positive-minded.
  2. Rather than focus on feeling depressed, reflect on what happened that caused you to fall into financial difficulties. What role did your actions play? Once you do this, you can begin creating an action plan to avoid problems in the future. Speak with your Bryan bankruptcy lawyer about ways to budget. The most important thing to do is not fall back into the same pattern of spending. This may take work, but you can do it if you are determined enough.
  3. You may be surprised to find that soon after your bankruptcy is complete, credit card offers may come to you. Choose wisely. You may consider obtaining a secured credit card. You can do this with as little as $500. Make sure to use the card and pay off the balance owed each month. You might also obtain an offer for a car loan. If you can afford it, this may be a good option. The more positive credit you develop, the better.

The Bottom Line

Your life after filing bankruptcy is largely up to you. You do not have to repeat the past, but it is necessary to do things differently to make sure you don’t. You will need a good action plan and stick to it. Within a few years you should be in a much better financial situation. It is important to begin with working on your bankruptcy with an attorney who has strong knowledge of bankruptcy law. Call Peterson Law Group at 979-703-7014 or 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.