The bankruptcy filing is essentially when your new financial life begins. The moment you file, your creditors can no longer pursue you, and you have a whole day to mull things over and start again.
But the court decision that releases you from personal liability for your dischargeable debts serves as the symbolic cap to your new financial life. The discharge order, which follows the filing of your Chapter 7 petition or the conclusion of your Chapter 13 plan, is the final piece of the puzzle that signals to everyone that you have put your debts behind you.
There isn’t one thing that bankruptcy teaches us all. Each individual came to a somewhat different realisation that bankruptcy made sense.
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There is no use in advising choosing a partner more carefully the next time if a divorce caused the need for financial relief. It’s challenging to make the decision to continue working if job loss was the trigger. But just like the start of a new year, filing may inspire thoughts of fresh starts.
Several suggestions for surviving bankruptcy are:
- Stay within your means.
- Prepare for economic downturns.
- Openly discuss money with your partner and children.
- Plan ahead for your retirement.
In the United States, bankruptcy is a true legal gem. It acknowledges that as a society, we gain from the rekindled vigour and optimism that come with a new beginning.
Consider the possibilities for your new financial existence.