Have you finally erased your debt and put Ohio bankruptcy in the rearview mirror? Congratulations! However, your journey to financial freedom and independence doesn’t stop here. Your recovery has only just begun, and you need to understand what to do next.
While Craig Watters, public affairs manager for Fair Isaac Corp. says, “It’s the single worst thing you can do to your credit rating,” he also says, “the good news is that you can recover from bankruptcy.” Here are some things to keep in mind:
- Stop feeling guilty. The guilt and shame that come with bankruptcy won’t do you any good during your recovery process. Put the past behind you and focus on tangible ways to build a strong and secure financial future. You are not alone in your recovery, as an incredible 13 percent of the U.S. population claims they have considered bankruptcy at one point.
- Be patient. You cannot recover from your bankruptcy or bad credit score overnight. Understand that it takes time, and only focus on what you can control. This means spending less than you earn and working to establish a new track record of positive credit.
- Find a mentor. Whether it’s a financial advisor, a friend who has been in your shoes in the past, or a bankruptcy specialist, find a mentor who can keep you accountable and ensure you are taking the right steps.
Recovering from bankruptcy can be a long process, but it’s important to focus on the positives. You have already erased your financial hardships and now have the freedom to practice the fiscal responsibility you’ve always dreamed of.