When you file for bankruptcy, it can mean the loss of your properties and a record of bad credit. Everything you took for granted before will mean so much more. Looking for an apartment will not be as easy as before - landlords are now doing credit checks. Applying for a loan will not be as easy as before - a bad credit will influence their decision and you may end up applying for a loan to those with larger interest. Bankruptcy and job loss can change you life literally overnight. But that doesn't mean you can't get back on your feet.
Never make the same mistake twice
Bankruptcy can be caused by a multitude of factors. It can happen so fast because of an illness or other emergencies and it can happen after a long drawn battle of avoiding it. But as with any other bankruptcy and job loss, whatever caused it, avoid the steps you made that inadvertently led to the bankruptcy. These could include delaying cutting back of expenses, taking loans with exorbitant fees, etc.
Commit to a Lifestyle Change
Bankruptcy and job loss allows you to start anew. You are still in debt, yes, but you are rebuilding your credit. Help yourself by committing to a lifestyle change. This means living wisely and even frugally. Make sure that you save. Allocate a larger portion of your pay check to your savings account as opposed to your other expenses.
Maintain a Job
Don't allow yourself to reach extended unemployment. That could result to an unending cycle of job loss and debt. Take care of your job and do your best always - this is your second chance to a new life.
Rebuild your credit
Depending on the bankruptcy you filed, you can rebuild your credit anywhere between a few years to a decade. Still you can rebuild your credit. Pay your payables on time and get a credit card too. But this time you know better when to use it. Having a credit card will prove that you do know how to control your finances.
Filing for bankruptcy and job loss is not the end. You can still have a successful career and a good life.
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