Can I bounce back after bankruptcy?

Can I bounce back after bankruptcy?

Many people struggling with debt avoid filing for bankruptcy because they are unsure of what will happen to them after they file and how long will it take to bounce back. But a celebrity couple who went through the process is now chronicling their journey to assure debtors that there is light at the end of the tunnel.

Flex, an actor and comedian who starred in a television series, and his Grammy Award nominated wife were doing well for themselves financially when they both got married to each other and. But, similar to the way Arizona residents sometimes lose their jobs suddenly, Flex's show got cancelled and their main source of income disappeared. For a while they managed to stay afloat but slowly their savings ran low and they began tapping their retirement income to cover their expenses.

Once they realized they were not able to keep up with their bills, they filed for bankruptcy and took measures to reduce their expenses, such as moving into a rental home with extended family to help split the bills. They also stopped making purchases on their credit cards and started spending their money wisely by avoiding making unnecessary purchases so they could build up their savings again. Even now, as they both have found lucrative jobs again, they continue to spend money cautiously.

As the couple mentions, many people have financial problems regardless of whether they live in Arizona, Hollywood or elsewhere in the country, but people hesitate when considering getting help to resolve financial matters. One way to get help and start over is by declaring bankruptcy, either Chapter 7 or 13, and rebuild one's financial life more sensibly.

Source: Yahoo News, "How this celebrity couple bounced back from bankruptcy," Mandi Woodruff, Nov. 11, 2014

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