You have lived through bankruptcy- that’s ok. There are plenty of people like you out there: people whose business didn’t go as well as planned, those who had lost their jobs and couldn’t sustain their quality of life anymore, those experiencing illness, or those who simply didn’t have access to financial knowledge when making important decisions.
It’s not about how you fell, it’s about how you plan on getting yourself back up.
Wondering what your next steps are to heal your financial self?
Get a Coach
We’re not talking cross-fit; we mean a financial coach. There are independent ones, as well as publicly funded resources out there that can help you put your life together post-bankruptcy. From finding good employment, to creating a budget, these professionals can sit down on your one-on-one and plan your “recovery” with goals that are realistic according to your personal situation.
There are certain situations that make you more likely to fall into the same traps you fell in before. These could be people, habits, addictions, or even places like stores. To recover fully, you are going to have to cut ties with the things, people, and places that steer you into making poor financial decisions. Replace these with financially healthier alternatives, like going to thrift shops over high-end shopping malls, or making your morning coffee at home rather than picking it up at a cafe on your way to work.
Find Alternative Funding Solutions
Those who have declared bankruptcy in the past will find it more difficult to do certain things like buy a house, or get a loan for things like a car. These lenders don’t look at your current situation, they just see that there was a problem with repayment before and they don’t want to be involved in that in the future. If you know that something is a worth investment or is necessary for you to progress (example being that you need a car for work, or your mortgage and utility payments will be smaller than your rent), it could be worth looking for a solution for no credit check loans.
Look for Community
Find motivation to live your life in a financially responsible manner by joining a community of like-minded individuals. It could be something as simple as a Facebook group, or as involved as a support group that meets regularly. It doesn’t have to be that formal either. Even just having friends with which you can speak frankly and openly means that you don’t feel pressure to pretend to be in a different place than you are.
Simplify Your Life
We often get caught up in the “needs” and “wants” that society is pushing on us. Instead of giving in to the need for “more”, why not change our mindsets to be more appreciative of what we are fortunate to have. Practise more mindfulness, gratitude, and value the good things you do have, whether that is your health, relationships, or even little things like a bright, sunny day! This way you can also stop feeling sorry for yourself. Compare yourself to the millions of people who won’t ever get to be as fortunate as you.
Though bankruptcy sounds dramatic, it’s a reality that many people are living through right now. You can’t always control the outcomes of certain decisions, and unfortunately, it can end with this so-called “stain” on your financial records. However, that doesn’t mean that you can’t clean your slate. It will take some time and some discipline but getting back up is possible and the most empowering thing you will ever do.