The press has reported extensively on President Trump’s bankruptcy filings. You may not know, though, that Mr. Trump is not the only American president to have filed for bankruptcy protection. Thomas Jefferson declared bankruptcy once, and Abraham Lincoln did it twice. If bankruptcy is good enough for the country’s leaders, it is probably good enough for you.
Waking up every day with crippling debt can be unbearable. While filing for bankruptcy may seem to be stressful, it is often an effective way to address your liabilities and move on with your life. Of course, not everyone experiences bankruptcy the same way. How you approach your situation may have a big effect on your quality of life. Here are four ways to get the most out of your bankruptcy:
1. Own your financial situation
While you may not feel like you own much, you can own your financial situation. Putting off making important decisions is an effective way to increase your anxiety. Instead, recognize your situation, and take steps to rectify it.
2. Forgive yourself
You can only blame yourself for your circumstances for so long. Eventually, you must realize it is okay to make financial mistakes. While you may have been able to do better in the past, you certainly can do better in the future.
3. Get some counseling
Financial hardships can be all-consuming. While there is nothing wrong with feeling negative emotions about your bankruptcy, you should not allow them to encourage you to make bad decisions. If you need help dealing with anxiety, depression or other emotions, see a therapist.
4. Seek answers to your questions
You have probably never had to file for bankruptcy before. As such, you likely have dozens of questions. You may even believe some myths about the bankruptcy process. Instead of making up answers on your own or reading through horror stories online, seek answers to your questions from someone who knows how to answer them.
Bankruptcy and financial insolvency do not last forever. While dealing with your finances may not be high on your list of favorite activities, it is often the best way to move on with your life.