For many people, bankruptcy is seen as a last resort, as an admission of failure and therefore a surrender. However, bankruptcy has had a negative stigma attached to it for many years, and while needing to file for bankruptcy is never an ideal situation, it can be an empowering decision. This is because it means that the debtor is taking control of the future for the sake of oneself and one’s family, and starting to steer the ship towards a better and more prosperous life.
It is also common for those considering filing for bankruptcy to dwell on all of the sacrifices that they will have to make, without thinking of any of the positives. In reality, the fear of suffering is usually worse than suffering itself, and making small lifestyle changes over time can make it possible for you and your family to be free of debt and thrive post-bankruptcy.
Tips for thriving during and after bankruptcy
Filing for bankruptcy is a courageous act, and should be something to be proud of. It means that you have taken your head out of the sand and have started doing something about your situation. The process of bankruptcy can be tough from a financial and emotional perspective, but there are many ways that you can incentivize yourself to stay in a positive mindset throughout the entire process.
Don’t blame yourself
Blaming yourself for past decisions and choices will never be productive for your financial recovery. It’s important to focus on the actions you are taking now to make life better for you and your loved ones.
Do your research
The more you can read about financial recovery after bankruptcy, the more equipped you will be to make strategic decisions about your financial future.
After bankruptcy, your finances might be tight, but it is important to start saving. Even putting $5 per week into a savings account can be a great way to start healthy habits.
If you are considering filing for bankruptcy in the state of Maryland, it is important to consider what this will mean for the coming years of your life, and also how your life could be improved as a result.