|Posted by Percy A Lowe on October 2, 2013 at 8:00 AM|
It should mean a lot. Bankruptcy is one of the nastiest financial things that can happen to an individual, embarrassment not least among the drawbacks. But, consider that it can lead to denial of credit, housing, employment, along with other repercussions. Personal relationships may suffer serious damage. The trauma leading up to the bankruptcy and the process itself has led to many a divorce or lost friendship. And it is not cheap: Loss of assets, legal fees, other direct or indirect costs. You will be paying inflated interest fees and enduring uncomfortable terms for any future credit - if you can get credit - for a long time to come.
Going through a personal bankruptcy can be quite distressing for most individuals. After having gone through the motions of filing for a bankruptcy, one is left to deal with a multitude of psychological demons fueled by the uncertainties of the future. Recovering from the trauma that a bankruptcy brings may seem such a daunting task, but don't lose heart because recovering from a bankruptcy can be as easy as ABC.
The Main reason for this is because bankruptcy usually stays on your file for up to ten years. This means that it is harder to gain credit in the future and opening bank accounts and getting a mortgage can seem to be almost impossible during that time. However, there are ways in which you can successfully recover from bankruptcy. You can even do it in half the time.
The road to bankruptcy recovery will probably be long and sometimes frustrating, but you can get through it. Be aware that you will get denied for things and just do anything that you can to ensure that you aren't making any of the same financial mistakes that you made before.
Categories: Bankruptcy Recovery