How to Survive a Bankruptcy Filing

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After filing for bankruptcy, the best way to survive is by living in a cash world before attempting to rebuild credit. Develop a credit card based on personal cash with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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This is financial adviser Patrick Munro talking about how to survive a bankruptcy filing. Many individuals in life are forced to take the route of bankruptcy. Many times, it's as a result of medical costs; many times, it's a result of divorce; many times, it's also the result of a business failure. But more often than not, it's just a result of not taking care of your financial life and bills mount up and you basically have to look at declaring bankruptcy because you have more bills than you have income. If that occurs, seek out an attorney that will do the filing for you. There's a fee involved. You can work that out with the attorney. It's a right of passage many individuals in a capitalistic society don't want to take the route of bankruptcy, but there are ways to rebuild your credit. And this is, certainly, a way to survive a bankruptcy filing. You start first by saving an amount of cash and living in a cash world for quite some time. Then you can develop a credit card that's based on your own cash deposited with a financial institution. And eventually, once that occurs, you, too, will be receiving credit offers from other financial institutions and you'll be going forward. This is financial adviser Patrick Munro talking about how to survive a bankruptcy filing.

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