Life After Bankruptcy: 7 Tips To Get Your Life On Track After Bankruptcy
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Title: Life After Bankruptcy: 7 Tips To Get Your Life On Track After
Word Count: 626
Author: Justin Koh
Keywords: finance, credit card, bankruptcy
Description: Here are 7 tips for you to ease of the bankruptcy phase
and get on with your new life.
Life After Bankruptcy: 7 Tips To Get Your Life On Track After
A life in bankruptcy is not an unbearable phase if you look at it
from a positive angle. If you found it unbearable, I'm sure you won't
want to go through it again. While the court 'reorganizes' you by
selling your personal assets to pay off your debts, so too you must
reorganize your thoughts and look forward to live a life of prudence.
Here are 7 tips you can apply to get your life back on track as soon
as possible so that you can find a way to return to a lifestyle of
less financial worries and gradually break free from the shackles of
an unpleasant past.
1) Seek sincere help. In modern societies where urbanites get too
busy in their own lives, it is not surprising to have people whom you
know suddenly turn their backs on you when you seek their assistance.
It's like they are thinking, "I can't believe it. I've never been a
bankrupt so why are you so deep in the dumps?" Forget about these
people. Your immediate family will be the first to know your
situation and only they can give you continued love and support. Make
a checklist of names and how they can help you as much as what you
can do for them, as well as (very) close friends whom you know can
2) Be responsible. And I mean REALLY responsible. Once bitten twice
shy; don't get mired in debt again. You can blame on exorbitant
increase in the cost of living, that business partner who sued you or
the failing stock market but they are not going to say sorry anytime.
It's time to take a critical look at your spending habits and
evaluate them, understanding where you have wasted and invested your
money. Do a monthly plan-and-review for your savings and expenditure.
A very good hint of wastage is putting your money in places you don't
know much of. Learn how to disengage from risks which you can't
afford to get involved.
3) Get paid work immediately. Get your life productive again. There
is no more greater blessing than learning to appreciate your ability
to earn your keeps. Within your checklist, you should have a couple
of people whom you can approach in this area. Leverage on your
experience and expertise to make an offer of what you can contribute
to their benefit.
4) Join a credit union. Such helpful organizations can offer loans
which normal institutions like banks will not do otherwise, but make
sure there's confidence on both sides that you can repay the loan.
5) Far too many people never had a concrete financial/retirement plan
even though they know it's important. Engage a financial advisor to
be your personal counsel. Set aside cash reserves for rainy days or
emergencies. Find adequate insurance to protect your remaining assets
and family. Avoid high-risk ventures or 'investments'.
6) Keep track of all debts due and paid to your creditors. Make sure
your credit report is updated for the record.
7) Sharpen your financial literacy. Robert Kiyosaki, author of "Rich
Dad, Poor Dad" is a strong advocate for personal fianancial
education. You can always pick up financial literature along the way
and think about how you may change the way you look at your wealth.
You never know how truly rich people think differently about their
money from the rest of us.
As the saying goes, "Time heal all wounds." It will take years to be
a 'normal' person again, but once you know you have attained the
discipline to practice good habits, there's no reason how you can
fall back to the old self. As you become wiser, you can better inform
others about the unhealthy influences of commercialism and
Justin Koh is a freelance writer whose articles have appeared in most
major e-zines. You can find more of these at: