January 14,2007
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A Fresh Start After Bankruptcy: Part 1 of 4
It's a popular and tenacious misperception that bankruptcy is truly as "fresh start" in and of itself. Sure, it's the only way to rid yourself once and for all of the burden of crushing debt. However, bankruptcy carries stigma and prejudice long after the period of actual judgment has passed. This series offers steps by which smart consumers can assure that they do, in fact, get the clean start that bankruptcy can mean.
The step we are featuring this time around is: be a good storyteller. One of the biggest issues faced by those who have declared bankruptcy at some point in their lives is the negative opinions of others. Nowadays, even potential employers are running your credit report, so be prepared to answer the inevitable question about what happened, succinctly and without fumbling. A 20 second blip should do it. Affirm that you didn't get into debt supporting a drug habit or supporting heaps of illegitimate children – because that's what people want to hear. Be prepared to toss out a quick statement of what happened, and a confirmation that you consider the matter to be behind you.