Returning Back To Normal After Bankruptcy From Student Loans

How Can I Return Back to Normal After Experiencing Bankruptcy From Student Loans?

Being in bankruptcy can be a devastating situation, but all hope is definitely not lost. If you are in bankruptcy as a result of student loans, the best choice for you, is to start being honest with yourself and recognizing the positive aspects of your situation. It is very possible to return back to normal after filing bankruptcy as a result of student loans if you can show undue hardship, and this article will help you achieve normalcy.

Filing Chapter 13 Bankruptcy

Typically, if you are filing bankruptcy with student loans the only type you are eligible for is Chapter 13. In a Chapter 13 bankruptcy, you are able to keep your assets such as a home and all debt is consolidated. As a matter of fact, this bankruptcy plan can be the best thing that ever happened to you! A judge declares consolidation of your debts and creates a plan for you with payment installments over a period of 3 to 5 years. You also will have no interest free rates on paying off your debt. After 3-5 years, the repayment plan will end and you simply won’t owe anything more on your assets and you get to keep any property you own! A chapter 13 bankruptcy does have a filing fee that is normally under $300.

How to Handle Bankruptcy

You can return to normal by simply taking a step forward every single day. Do not let the emotions of your situation overpower your ability to complete even simple tasks every day. Do not sit around thinking and moping around the house, when you can be working and making money for your situation. Remember that every hour is useful in your life and don’t waste time!

If you are worried about your credit score, simply don’t worry about it. Choose to be proactive in your life rather than allowing stress to build up in your life. Choose to live below your means, rather than above your means. Bankruptcy will only show up on your credit score for 7 years and then it is eliminated after the 7 years are up.

If employers ask you about your bankruptcy situation, don’t lie about it. Address it quickly, and emphasize the positive ways in which you have been able to turn a negative situation into a positive one. Employers respect people that work hard, are honest, and able to get results in dire times.

Stay positive and keep up your hard work. Before you know it, you’ll have lending institutions knocking at your door and be back to normal after bankruptcy!

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