How to Get Back Up on Your Feet after Filing for Bankruptcy

How to Get Back Up on Your Feet after Filing for Bankruptcy
0 comments, 10/02/2016, by , in Bankruptcy

Feeling sad and even depressed is normal after declaring yourself bankrupt. But don’t get stuck in this situation; once you’ve given yourself enough time to grieve, you should look for ways to regain your footing and bring your situation back to normal ASAP. The journey won’t be easy, but you can get it started by taking these steps:

Change the way you think about money

Bad spending habits are the most common culprits of bankruptcy. If this is the case for you, you need to change your attitude to money now. Ask yourself why you spend so much. Do you find yourself tempted by the sales and discounts offered by stores? Does shopping fill an emotional void in you? What are the things that you usually splurge on? Asking yourself these questions can help you figure out strategies to control your spending.

Set a budget

Money can be tight when you’re bankrupt, so you need to have full control over your finances and ensure you’re not wasting precious cash. You can start by listing your expenses for the month, like rent, groceries, and car payments. Identify the things you can live without (such as cable TV and daily trips to the coffee shop) and remove them from your life right away. Find ways to live and stay healthy without spending too much. Instead of buying fast food, for example, cook your own meals at home to enjoy cheaper and more nutritious dishes.

Get a job

If you’ve just lost your job, start looking for a new one. Don’t be picky; having a job that pays the bills is better than having no job at all. Being employed will also give you the confidence to move up the career ladder or switch to a career path that will make you happier while boosting your earnings.

Taking these steps won’t immediately make your life better, but they’ll put you on the right path and bring you closer to financial independence.

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