There is Life After Bankruptcy: First Step – Get Rid of the Guilt - Westgate Law

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There is Life After Bankruptcy: First Step – Get Rid of the Guilt

Many find getting on with life after bankruptcy more overwhelming than the process of bankruptcy itself. Those who have undergone the bankruptcy process have to consciously repair their credit rating, rebuild their finances and embrace a positive emotional state. It’s vital that individuals go through the appropriate post-bankruptcy steps in order to continue on with their lives without letting a bankruptcy completely define their future.

It doesn’t matter when or why you filed for Chapter 7 or Chapter 13 bankruptcy, your life will continue on. Declaring bankruptcy doesn’t mean you’re a failure. It doesn’t mean you lack financial prowess. You don’t have to accept the possibility of being an outcast in the credit world.

Your post-bankruptcy life can be perfectly rewarding. It actually holds the potential to be more rewarding than your life before you filed. It all depends on your post-bankruptcy strategy. There are a number of steps that you can take to maximize the second chance that bankruptcy offers. Your post-bankruptcy rebound will depend on what you do to protect yourself against future financial problems. Speed up your recovery after bankruptcy and get on with the business of living well. Skip the stigma many associate with the bankruptcy process.

What’s the first step? Letting Go of the Guilt

There is no shame in filing for bankruptcy. It can be the most logical solution. In many cases it is unavoidable – a result of unpredictable situations. It’s shocking how many individuals contemplating and/or going through bankruptcy believe that they are alone in their financial dilemmas. If you are thinking of declaring bankruptcy or if you are in the midst of the process, you are definitely not alone. In 2010, there were a total of 1.53 million filings. (That represents an increase of 9% from the previous year). A May 2011 survey from found that 1 in every 8 adults in the US have considered filing for bankruptcy. (That’s 13% of the population). The statistics are sobering. They’re also a clear indication that a substantial number of Americans are still feeling the effects of the recent recession.

Statistics aside, individuals who file for bankruptcy almost always associate their decision and the entire bankruptcy process with a sense of guilt. A lot of individuals who undergo bankruptcy will berate themselves after the fact. They have feelings of disappointment and a sense of failure that they hold onto long after the bankruptcy is finalized. Letting this type of negativity rule the day post-bankruptcy is the very worst thing that you can do. It prevents you from moving on with your life in a positive direction.

Instead of berating yourself and indulging in negative emotions – let it go. Focus on your new, fresh slate rather than dwelling on negative thoughts and misconceptions. Don’t allow yourself to wallow. Self-pity is not a good idea. It will not get you on the right post-bankruptcy path.

Any expert will agree that when it comes to financial difficulties and bankruptcy…things just happen. We can attempt to plan well and make good choices, but in many cases – bankruptcy is unavoidable. Job loss, divorce, unforeseen medical bills, etc. can force all types of people into excessive debt that can only be resolved through bankruptcy. Choose to have the right attitude. Get yourself in the right place mentally so you can be disciplined. Take what you’ve learned from the experience and use it. You’re more educated now and you won’t make the same mistakes. Let go of the guilt. What’s done is done and it’s time to make where you are now – exactly where you want to be.

For additional information on how to repair your credit, rebuild your finances and move in a positive direction after bankruptcy, contact the professionals at Westgate Law or access additional information here.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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