While bankruptcy can give you a fresh financial start in some regards, it negatively impacts your credit score and your future credit worthiness. If you find yourself in a position where your only resort is filing bankruptcy, forgive yourself and move forward. Make the best of an unfortunate situation. Celebrate the financial burdens that have been lifted. Filing bankruptcy can yield instant relief because your debts are put on hold and your creditors are halted from requesting payment of debts from you. Remember, the events and circumstances that led to your bankruptcy did not happen overnight. Therefore, your impact of bankruptcy cannot be removed overnight.
Let me admonish you to focus on what you have left, not what you have lost. Know that any material possession that may have been lost can be restored. Even in the midst of bankruptcy, you can find peace in your financial turmoil. Anything that money can buy can be replaced. There is nothing more important than your health and peace of mind. Do not struggle with conflicting feelings of relief and guilt. Forgive yourself, endure the harsh reality of bankruptcy, and develop an optimistic and realistic plan of recovery from bankruptcy. Like any other financial circumstance, know that you can rise above anything. Seek out assistance from second chance creditors and lenders once you believe you can adequately manage the financial obligations.
Take a moment for self-reflection: What events and circumstances led you to file bankruptcy? How could you have managed matters differently? How will you become a better financial steward now that you have declared bankruptcy? What can you do to improve your creditworthiness? How can you develop the patience to endure during this time of financial transition? What do the next five to 10 years look like for you? What is your financial vision for your future? What can you do to prevent others from experiencing your same plight?
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Nicole Michelle
Finance and Money Wiz
December 1, 2021
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