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Bankruptcy: A learning experience and motivational tool

When people realize that bankruptcy is their last resort and most likely the decision they will need to make in order to get rid of overwhelming debt, they may feel defeated and worried about their future. While bankruptcy has its pros and cons like anything else, for people struggling with significant debts in Virginia, it can actually be a valuable tool in helping them to get back on their feet and work their way toward an independent financial future. 

Bankruptcy is certainly not the end of the world and is not nearly as negative as many people make it out to be. If handled properly and with the understanding that lifestyle changes will need to be made to support a healthier financial future, people can actually benefit greatly from their decision to file for bankruptcy. Because there are different types of bankruptcy, each with different provisions and restrictions, it is important that people become educated about the general definition of each one so they can make a decision that will be most applicable for their needs and desires. 

According to Daveramsey.com, people can be more effective at maintaining their motivation to get rid of debt when they inform other people of their goals and desires. Having accountability can help them to feel a healthy obligation to stick with the goals they have made. Another tool is for people to consider why they want to get rid of their debt. In the moments when it gets difficult or they feel that little progress is being made, referencing their initial decision for wanting to get rid of their debt can be valuable in helping them to regain motivation to continue on. 

Recovering from bankruptcy takes time, but it can definitely be done. Experian suggests that people make an active and committed effort to rebuild their credit score by doing things that will allow them to demonstrate their ability to pay off debts in a timely manner. In addition, people should make reasonable goals for what changes they are going to make to avoid accumulating excessive debt in the future.  

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