Starting Over After Bankruptcy – Rise Up From Your Financial Ashes

April 10, 2012 by  Filed under: Bankruptcy 

Bankruptcy: You Are In Good Company

Hardships and adversities are the clay from which our character is molded. It is the trials and tribulations of life that shape who we are as individuals. It is our responsibility to learn from all experiences and most importantly, to use the bad ones as springboards into a positive future.

Financial hardship can be the worst type of adversity as it is typically accompanied by severe emotional stress and familial hardship. Thanks to the built in “fresh start,” the bankruptcy process can be used as a recovery tool to propel you into a future of financial freedom.

Some of the greatest entrepreneurs and leaders of our time were insolvent at one point in their lives. Henry Ford, Walt Disney, and even Abraham Lincoln all hit rock bottom before moving on to change not only their worlds, but ours. If it were not for the fresh start afforded to them through bankruptcy, these great men could have never risen from the ashes of financial ruin.

The fresh start is not just handed to you on a silver platter. You must work for it with the understanding that bankruptcy is just the starting gate in the race for your financial future.

Post Bankruptcy: Where Do I Go From Here?

Common post-bankruptcy questions are: “Where do I go from here?” “Will I be able to reestablish credit?” “Is my credit ruined?” These are all excellent questions and they are all answered by the fresh start concept.

Upon completion of any bankruptcy case, you are granted a discharge. Simply put, this means that you are now debt free and your credit is cleansed. A common misconception is that bankruptcy will ruin your credit. While temporary damage is done, the long term positive effects are not typically measurable and therefore, they are not given the air time they deserve.

Along with clean credit comes a refreshed mind. It is the emotional benefit of the fresh start that is so often overlooked in this process. Without financial stress and worry wearing on you and your family, you can look to the future with a positive outlook.

Working For Your Fresh Start

The fresh start is available for the taking post-bankruptcy. It is not just handed to you. It is your responsibility to work hard to rebuild your credit and make the most of the opportunity afforded to you while at the same time, avoiding the credit traps peppering your path.

In addition to building your credit, you must build new financial habits. Living a frugal lifestyle and saving for the future are imperative to establishing financial happiness. It is a good idea to plan for the worst and if done right, loss of employment, medical emergencies and other financial obstacles will be small bumps in the road rather than potholes.

An experienced attorney or financial adviser should be able to help you come up with a plan to build your credit and save for the future, regardless of your income.

“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford

This quote says it all. This is the man who brought the affordable automobile to consumers on a mass scale and by doing so, changed the world. He experienced insolvency, financial hardship and was on the brink of ruin. He did not harp on his failure and continue down the wrong path.

Thanks to the bankruptcy fresh start, Henry Ford was able to rise up and was afforded the opportunity to begin again. He made the most of it and so can you!

Frank Pipitone is a Long Island Bankruptcy Lawyer who focuses on all issues relating to consumer protection and debt resolution.

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