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1 year, 11 months ago via credit-qna.com

How to recover from bankruptcy?

Bankruptcy can be very difficult especially if you find yourself responsible for getting yourself into this. The credit card companies are not very helpful either and they usually don't make things easier for those who are buried in debt no matter how loyal one has been. I have a friend who experienced this and he has no choice but to declare bankruptcy and he is getting depressed. What are the things to do so he will be able to recover from this?
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ginamichellesattic | 1 year, 11 months ago
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This is a personal thought, but my Mom and her now ex husband claimed bankruptcy a couple years ago and it was alot easier than we had thought. All of their outstanding bills were wiped clean and they had a fresh start. The downside is it does effect your credit, horribly. I would suggest taking advantage of the clean slate and start being more responsible with money. There is nothing wrong with making mistakes as long as you learn from them.
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rumanaafrida | 1 year, 9 months ago
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Filling for bankruptcy is not the hardest step in the whole process. The worst part of the process is trying to recover from it. A first step to overcoming bankruptcy is to move past the psychological effects. You have to learn from your mistakes. Now you have to establish new credit lines. Bankruptcy will bring a negative effect on your credit report and getting credit again may take some time. Just take small steps over a period of time to re-establish your credit.
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