A bankruptcy is one of the worst experiences any person can go through. Most likely there have already been terrible things happen to cause the bankruptcy. On top of dealing with the first tragedy there is even more stress and sleepless nights with foreclosures and bankruptcy looming overhead.

People who are trying to survive bankruptcy are a lot like those that are lost in the wilderness. In both situations you’re trying to recover from having everything taken away from you. Just like surviving in the wilderness there are some guidelines that will help you survive after bankruptcy. This is still life and death.

Step One - Stay Positive.

In all the turmoil it’s critically important to stay mentally positive. Those that are lost in the wilderness and survive have one thing in common: they stay positive. Remember to stay calm, get your bearings, and think optimistic. Once you have your directions stay the course. Changing directions over and over will only get you even more lost. Find any clue that indicates your direction. Once you find your true north work very hard toward that direction.

Step Two – Avoid Excess Risk

When people get lost they are disoriented, confused, and make poor decisions. One of the poor decisions they make is taking on unnecessary risk. Many people have died in the wilderness while trying to climb a cliff face, cross barren wastelands, or swim turbulent waters. At the time these seemed like the only option to get where they needed to go. This is simply not true.

Avoid doing anything financially risky after bankruptcy. Betting everything you have in Las Vegas, starting a high-risk business, or buying lottery tickets with grocery money are all bad ideas. Remember, your purpose is to survive. Surviving takes patience. Being rescued right away doesn’t always happen so don’t expect it, or even worse, force it. Time and good judgment will bring you through.

Step Three – Be Creative with What You Have

A safety pin can save your life in a wilderness setting if you can catch fish with it. Most people that make it in a survival setting use anything they can find. They think outside the box and use every item creatively to make it work for them.

The same idea works in recovering from bankruptcy. After the process is final, most creditors won’t want to work with you. You need to start building good credit quickly. Use your car, your jewelry, or even some cash to use as collateral to get any kind of credit. A great place to start is by getting bad credit or secured credit cards. After you’ve got that card set it up on automatic payments and let it fix your credit on autopilot. Survival takes a lot of energy and patience. You will do great if you stay positive, avoid risk, and are creative with the things you already have. Good luck, you can do it!

Author: Matthew Mitchell