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Life After Bankruptcy

By Administrator 22 January, 2015

Declaring bankruptcy is not the end of your financial reputation; there is a life after bankruptcy and your long struggle with debt will have an end. In fact, the objective of bankruptcy is to help those who want to regain control of their finances and extinguish their debt. Here are Debt Free Australia’s tips for getting back on track after bankruptcy.

If you have had to declare bankruptcy, you need to let go of any shame or guilt that you might be feeling. Financial mistakes happen and situations arise that are beyond our control. Resolve and make peace with the decision, and your future will be automatically brighter.

Upon reflecting and realising that debt is a reality that can happen to anyone and is nothing to be ashamed of, learn from your experience. Assessing past decisions that placed you on the path to debt and bankruptcy is an important part of ensuring that you are not placed at risk again. Once you are able to pinpoint the things that went wrong, you will remember and avoid the traps of bankruptcy the next time around.

Remember to create a realistic budget and be sure to pay all bills on time. Living within the confines of what you can afford without credit will immediately place you in a great position of avoiding debt. In addition, you can rebuild your credit card rating by obtaining a secured credit card and making small purchases each month. Before you know it, the stress and worry of your bankruptcy will be a thing of the past.

For more information on bankruptcy and life after bankruptcy, feel free to call us on 1800 676 598.