Alexander Bell (who went through a few failures of his own in life), famously said "When one door closes, another opens," and in no place is that phrase more truthful or meaningful than in bankruptcy court. Despite the wash of guilt or disappointment you might feel when filing, it's really more a matter of learning a lesson well and then moving on from it. No matter how you ended up here, there's a door that's going to open to something better, sooner or later.
Breathe Easier
Whether you filed under Chapter 7 or 13, your financial life should be much less stressful now, meaning you can breathe a little easier. With Chapter 7, you should be fairly free from debt now, since most of it can be discharged; however, even if you're left with a Chapter 13 arrangement, where you've going to repay at least some of your debt, it's going to be more manageable.
While going through the process of bankruptcy itself can be stressful, once all is said and done, try to let go of the burdens that weighed so heavily on you. Financial stress can actually contribute significantly to your risk of having a heart attack, and no amount of money is actually worth that.
Tie Up Loose Ends With Your Bankruptcy Attorney
Especially under a Chapter 13 filing, the entire ordeal can drag on for what may feel like an eternity and you'll still have obligations to take care of, meaning you need to stay in close contact with your bankruptcy attorney. Even if the court frees you from financial ties under Chapter 7, you can expect a few bumps in the road ahead and it's still wise to keep your lawyer on speed dial. Follow through with all appointments and keep your attorney apprised of any incidents, such as if any creditors are still contacting you about repayment (for debts discharged in your filing) or you have difficulties with wage garnishment associated with your debt.
Also, you may have the right to change your mind about your bankruptcy or the type you filed, such as converting to 7 from 13 or actually cancelling the bankruptcy all together. These can be very complicated decisions, but they're yours to make, if you choose and should only be undertaken with legal guidance.
Restructure Your Finances
You want to keep a positive outlook, so you're able to take advantage of those doors that will open for you at some point in the future. The more solid your financial standing, the more positive your outlook will be, so restructure your entire financial life, from budgeting better to saving more for a rainy day to getting a second job. Learn from the experience and come out of it smarter and more disciplined. The tighter you're able to control your money, the more you'll be able to control your own destiny. Just be sure no major changes in your life following the bankruptcy affect the court orders you're obligated to. If you filed under Chapter 13 and get a second job or additional hours at your primary employer, for example, your attorney needs to know immediately, so the appropriate paperwork can be submitted to court personnel.
Know What's Still Available To You
Just because you've filed for bankruptcy doesn't mean your days as a borrower are over or that you'll have to pay exorbitant fees in interest. It's probably best for you to wait about a year before applying for any new loans, as well as to keep your budget in good shape in the meantime. You could apply for a secured credit card, where you lay money down as a deposit against borrowing, then use the card to start rebuilding your good name.
Also, if you know someone who has solid credit and recognizes you as a trustworthy individual, they could cosign a loan for you, such as for a new (but affordable) vehicle. Despite the fact that you will be judged by your bankruptcy in some ways, for some time, you can gradually restore your credit rating, along with opening a few doors along the way.
Believe In Your Comeback
The laws governing bankruptcy weren't written to scorn or shame anyone; rather, they were designed to protect people. Your exercise of these rights by no means makes you a lesser person or any kind of failure, it simply means you have some changes to make in your life. As you face the challenge of these changes, keep your confidence up and your optimism even higher. Without belief in yourself, you're probably not going to see the different doors that may open for you down the road.
