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Recovering from Bankruptcy

"Everyone thinks, ‘Oh, they just went out and spent too much,’ but that’s not really the majority of people in bankruptcy,” Jennifer Hartman of Greenleaf Financial told the LA Times.

The country’s economic problems extended to people across the nation, and bankruptcy rates started to increase with the slump.

Bad Timing

One of those who filed bankruptcy was Jane Osick. While her mother was ill, she refinanced her mom’s house. When her mother passed away, she and her sister remodeled the house to sell, accruing a $120,000 debt.

When the house was finally remodeled, buyers disappeared as the real estate market dried up. When it was over, Osick found herself filing Chapter 13 and starting over.

Back on Your Feet

Bankruptcy might be a scary step for a lot of people, but if it’s necessary, it can be the best thing for getting back on track. For Osick, it both made her debt manageable and gave her a new direction and a new drive.  

In fact, despite her $525 bankruptcy payments, she has enough saved for a six-month emergency fund. Once she is fully back on her feet, her plan is to get a condo and a car—but she wants to make sure she’s back on track first.

If you’re looking at filing bankruptcy, in the end you want to walk away with hope and a plan for the future, to get your financial feet back under you and find ways to not only recover from the bankruptcy, but improve your economic situation and get back on the right track.

It’s not only possible, it’s probable—Osick and others like her prove it every day!

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