The decision to file for bankruptcy is not an easy one, and usually comes only after many alternate attempts at dealing with your financial situation have failed. Once you have filed, you may begin to worry about the ongoing and future ramifications, however. Make no mistake about it: bankruptcy will continue to impact your ability to get credit for many years, but if you can approach this process with a positive outlook and learn from your past mistakes, you could end up much better off in a surprisingly short time. To learn more about dealing with the emotional side of a bankruptcy declaration, read on.
If your bills had become overwhelming and you had gotten far behind in your payments before you filed for bankruptcy, you were very likely being hounded by your creditors. One of the big and quick positive effects of a bankruptcy filing is something called an "automatic stay". The "automatic" part of the phrase refers to the nearly instantaneous halting of most all debt collection activities, which is where the "stay" comes in. In some cases, you may need to refer a debt collector to your federal case filing number or the phone number of your bankruptcy attorney, but you should not be receiving further debt collection attempts once you file. Needless to say, this stoppage of debt collection activity may bring you peace and quiet for the first time in many months, allowing you to begin to contemplate a better financial future.
Positive Goals Worth Setting
Don't waste the fresh start that a bankruptcy filing promises by dwelling on the negative feelings of shame, embarrassment and low self-worth. Instead, look back on the real reasons your financial situation got so out of hand, and make plans to do better, starting now. For example, if a large, unexpected bill or two caught you off-guard, take some steps to ensure that you have adequate savings set aside for those emergency needs.
Not everyone learns budgeting and other money skills in school or from parents, so stop beating yourself up for lacking information that you did not know you needed. Instead, make it a priority to learn about making a realistic budget you can live with and setting goals for achieving financial success. Libraries are full of helpful books that you can learn from without spending a dime, and there is a wealth of information online as well.
The important take away is to treat yourself with kindness during this vulnerable period and keep a positive attitude. You will recover from bankruptcy and you will be able to use credit wisely again, so be ready to make good financial decisions in the future. For more information, visit websites like http://www.carvajallaw.com/.
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