5 Ways To Survive A Bankruptcy - Bolinske Law
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5 Ways To Survive A Bankruptcy

5 Ways To Survive A Bankruptcy

Bankruptcy isn’t a popular term in the everyday world. Nobody cheers about filing for bankruptcy. Nobody wants to run out and tell everyone they know after a successful filing. That doesn’t mean you have to feel ashamed for filing or like an outcast deemed no longer worthy of friends.

Debt happens. Whether it’s unintentional or self-imposed, debt can happen to anyone. And bankruptcy is a solution.

Here are 5 tips you can use to help you survive your bankruptcy. And why it doesn’t spell the end of the world if you’re filing.

Stop Blaming Yourself

Most importantly, stop feeling sorry for yourself. Okay, so you got a little crazy after college, or you blew through ten credit cards in a row. You messed up. Now you need to deal with it.

Or, maybe it was something completely out of your control that put you into so much debt. Either way, it has to be fixed. Unfortunately, feeling sorry for yourself doesn’t help you get out of debt.

Filing for bankruptcy doesn’t make you a terrible person. The people that matter aren’t going to look at you differently just because you filed for bankruptcy. The best thing about it is, unless you tell them, no one but you and your spouse has to find out that it’s even happening.

Use A Bankruptcy Attorney

By using a Minneapolis bankruptcy law firm like Bolinske Law will help you take about 75% of the stress out of the bankruptcy process. A licensed attorney will know exactly what you need and be able to answer any questions you might have.

Imagine not going into such a scary life event such as a bankruptcy blind. Having someone on your side that’s in it with you. Of course you have to pay them, but it’s worth it to have someone to turn to when you can’t seem to find the answer.

A bankruptcy attorney will help you get the most out of your bankruptcy filing. They help you hold on to more of your personal belongings and walk away from the whole experience less traumatized. This will put you in a healthy mindset when trying to keep your balance after the filing is complete.

Don’t Psych Yourself Out

The first thing a lot of people do in high stress situations is let their emotions get the better of them. It’s important when filing for bankruptcy that you don’t do this. The more you can think clearly and rationally the better your experience will be.

You have to keep the end goal of being debt free in mind. If you go the Chapter 13 route and get your payment plan, don’t quit. Over 77% of Chapter 13 bankruptcies fail because people walk away from their payment plans.

Not only are these people going to have a bankruptcy on their credit history, but now they’ve shown they can’t handle a payment plan for said bankruptcy.  Quitting mid way through your payment plan doesn’t hurt anyone but you. You’re the one left with the permanent scars. It’s important you work hard to not end up like those people.

Be a part of the 33% of people that prove they have a goal and they aren’t going to let anything deter them.

Make A Plan

When filing for bankruptcy you need a plan. You need to plan for before you file and after the bankruptcy is over and gone. Gather all of your financial information, decide whether you want to use a bankruptcy attorney, and make your plan for after it’s over.

You’ll probably want to create a budget, hire someone to look after your finances, or move to another country and change your identity. It’s completely up to you. Although, we don’t recommend that last bit.

Stick To Your Plan

Once you’ve come up with your ‘after bankruptcy plan’ stick to it. If you make a plan and don’t stick to it what’s the point? It’ll be worth it when you’re out of debt and in the clear. The last thing you want to do is jump right back in.

It may sound impossible but you’ll see once you get that taste of freedom. Once the bill collectors stop calling and you stop receiving letters upon letters of late payment reminders in the mail. You won’t want to go back down that path.

We’d love a chance to talk with you and go over your options when filing for bankruptcy. Being prepared is the key to a smooth and successful filing, and we can help with that.

Contact us through our contact form here, or call us at (952) 294-0144.

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