Bankruptcy exists as an option for those who have few or no other options to wipe the slate clean and start over. It can be a great way to get out of a hopeless financial situation. However, whatever it may do to debts on paper, bankruptcy is futile if one continues to make the same financial mistakes after filing.
In order to gain the maximum benefit of filing bankruptcy, one needs to be prepared to alter spending and money management habits. This requires actions as well as mental conditioning. One must accept that bad decisions and poor discipline regarding money is more often than not what leads to such dire circumstances. Like indulging in caloric foods and failing to follow a proper exercise regime can eventually leave one burdened with weight and health issues, uncontrolled spending and lack of moderation lead to financial difficulties.
Progress in Small Steps
Financial rehabilitation, like other forms of rehabilitation, begins with acknowledging that one has financial issues, accepting those problems, and taking responsibility for them before one can be in the right mental frame to move forward in a positive manner. Accept that progress when working toward financial healing, as with other recovery programs, is a slow process that is measured in small steps. Bankruptcy law has required a window of recovery that spans several years for this reason. Staying positive as one takes steps toward altering one’s financial mentality as well as behaviors is key to long term financial survival and insuring that one does not eventually end up back in bankruptcy court.