The fastest ways to recover from bankruptcy
No one expects to find themselves in a financial bind (personal or business) that forces them to file for bankruptcy. In the worst case, if you have to file bankruptcy (either Chapter 7 or Chapter 13), understand that it is not the end of the world. All you have to do is understand that there is a way to rebuild your finances to normal and eventually live stress-free life again (at least in this situation).
Save, save, save!
The main key to recovering from bankruptcy is to start saving your money wisely. After a financial burden like bankruptcy, you will not only have to pay off your debt (which could include interest) as well as your daily life. Once you start saving your money and budget correctly, you will be able to pay off your debt while still being able to pay your current bills and other necessities in life.
Readjust your lifestyle
This element goes hand in hand with the first step, which is to save money. Although it may be a bit difficult mentally to reduce your lifestyle, in the end it will be worth it. You may not be able to go out and splurge on entertainment events or eat your favorite food every day. It will take some time to adjust and do it again. Don’t worry … in due course you will be able to return to your normal lifestyle. When you do, be sure to reward yourself once you get back to where you are financially stable and comfortable.
Apply for a secured credit card when the time is right
Once you get back to a place where you can begin to rebuild your credit, it is important to start small. The time in which you can apply for a secured credit card line will vary depending on your situation. This time period can be 6 months or 2 years. Just remember not to make the same mistakes you made before.
Keep a positive attitude
Although this is not the best situation to be in and it may be easier said than done, stay positive. In due time, it will all work itself out and it will only hurt you more (mentally) if you keep reflecting more on the negative than the positive that will happen as you recover from bankruptcy.