It may not feel like it when you’re in the midst of bankruptcy, but there is a life after bankruptcy. Isn’t that why we pursue bankruptcy in the first place? To have a life where you’re able to actually live, not burdened down with bills and debts that you’ll never be able to physically pay off. There really is a light at the end of this tunnel. Curious what the other end of that tunnel looks like, after bankruptcy?
You may still get debt collector calls
Although all debt collectors cannot legally collect debt once you’ve declared bankruptcy, you may still have a few of them filter through. This is usually due to some sort of an auto dial system. You can inform them of your bankruptcy, and speak to your lawyer for specifics if they don’t believe you or pester you, although you shouldn’t have a problem with this.
You’ll be able to breathe
You know that feeling of a crushing weight on your chest, because you don’t know how you’ll pay off all of your debts? That goes away. You may not believe it at first, your relief seeming misplaced. Eventually, things will settle down, and you’ll get used to not having those pending debts looming over you.
You’ll still have to be careful with your money
It’s important to change the habits that got you into a tough financial situation in the first place. Many people who have gone through bankruptcy, find themselves in a spot where they don’t know how to manage their finances properly afterwards. This is normal. Your entire financial situation is different. Whether it was your mistakes or issues outside of your control that led you to bankruptcy, you have the chance to create new habits now that will lead you to a prosperous future. We recommend a financial advisor or coach who will help you set up a budget and a plan to put a percentage of your income into a savings account every month. Setting up a savings account is one of the best things that you can do for yourself after bankruptcy. Sticking to a budget is one of the best ways you can achieve this. It doesn’t have to be too strict, it just needs to be something to give you direction and a little bit of structure.