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After bankruptcy, owning less is often helpful

Filing for bankruptcy can be an emotionally exhausting process, and building a life for yourself after a bankruptcy procedure is a difficult task. Some of the difficulties you may face are very practical, but others are more personal, and deal with your approach to living and owning property. While many people come to bankruptcy because of circumstances beyond their control, such as runaway medical debt, others find their way to bankruptcy because of a pattern of buying more than they need or can afford. If your bankruptcy is due to unwise spending, now may be a wise time to reconsider your relationship with the things you own.

Often, it is easy to believe that acquiring more property is a valuable pursuit in itself, or that you can be happier with a larger collection of one thing or another. However, this type of mindset can easily lead to a series of unwise financial decisions culminating in bankruptcy, and if you don't address the underlying issues, bankruptcy may come back around again and again. In many cases, consciously choosing to own fewer things is easier to manage.

Once you complete your bankruptcy, you have an incredible opportunity to build a fresh start for yourself. This means taking an honest look at what contributed to your bankruptcy in the first place and identifying any purchasing behavior that may be problematic. If you find that you did get into a cycle of unhealthy buying, consider asking yourself, "Does having more of this thing actually make me any happier?" Often, letting go of property you don't need and cannot afford can be a liberating choice that leads to greater personal health in the long run.

If you believe that bankruptcy may be the right tool for you, be sure to consult with an experienced attorney to help guide you through the process. With proper help, you can rest assured that your rights will remain protected throughout the process, so that you can focus on what really matters — rebuilding your life after bankruptcy.

Source: New York Daily News, "There is life after bankruptcy; Credit could thaw in 18-24 months," Jean Chatzky, accessed June 23, 2017

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