Bankruptcy is not desirable, but in case you have to file for bankruptcy, you also have to put efforts to make bankruptcy a history.
Recovery from bankruptcy is not child's play but a serious and strenuous venture.
Any avenue of redemption form bankruptcy involves high rate of interest to be paid.
Live a frugal life within your means and learn to manage your finances wisely to unfetter yourself from bankruptcy.
There is no time limit to recover from bankruptcy, but the wiser you are in managing the situation the earlier you come out of the mess.
Way out of bankruptcy and foreclosure Keep your credit rating high.
It is not easy, but put all your energy and efforts towards it.
It will speak for you when you are approaching creditors and lenders in the future.
It is your credit rating they will look into before extending a loan.
So repair your credit and keep it unblemished and improve the rating.
Credit card This is a good option to recover from bankruptcy.
Offer any of your property, a car or a house as collateral and get the credit cards.
Pay your bills and debts in time.
This will improve your credit rating.
Get advice from credit counseling and debt management services.
They will advise you how to manage your finances and come out of bankruptcy.
Goal setting is a soft way to redeem you from the challenging situation.
Do a self assessment and manage your expenditure and finances in such a way that they get disciplined.
Be timely in repayment.
Patience during the times of crisis will reward you.
There are people who will offer you a loan or bankruptcy credit at very high interest rates.
But those are traps; do not fall in to it.
Put all the options in front of you, asses, analyze and opt for a plan that suits you.