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Life After Bankruptcy!

Updated: Jan 5, 2023

I recall this decision like it was yesterday. After a divorce, recession of 2009, multiple layoffs, and piles of mounting debt, I was drowning and couldn’t find a way out. I was already working two jobs to make ends meet. There was no surplus. My cup wasn’t running over. As I ponder the decision of bankruptcy, I thought to myself, “that means you failed!” Being in the mortgage industry for well over 16 years at this point, how could I have possibly failed! God anointed me with this gift! I have used this gift to counsel thousands into homeownership!” I teach this stuff for a living. Where is the emergency fund…Gone! What about the regular saving account…Gone! You have one income in the household and your budget is stretched thin!” “The kid is only 7, he can’t work and help out!” But Lord, this is my craft and I know it well? Yet, I’m considering filing bankruptcy? What does the bible say about bankruptcy? If it’s not biblical, “I’m not doing it.” The guilt kept me from going to church, attending invites to gatherings with my Christian friends, and I stepped down from my ministry. I remember telling myself, “Girl, just sit down and be ministered to, you don’t need to be leading any financial wellness group!” “No one is going to listen to you, you are about to file bankruptcy!” “Entangled in my finances!” “Bankruptcy can’t be the solution.” “God direct me!”

What does the Bible say about bankruptcy

Proverbs 22: 7

Just as the rich rule the poor, so the borrower is servant to the lender. (NLT)

The borrower is a slave to the lender.

Deuteronomy 15:12-14

….If a fellow Hebrew sells himself or herself to be your servant and serves you for six years, in the seventh year you must set that servant free. When you release a male servant, do not send him away empty-handed. Give him a generous farewell gift from your flock, your threshing floor, and your winepress. (NLT)

Now, what? I called my sorority sister, pulled together a plan of action, and filed bankruptcy. WOW! It just got real! How do I start over? I really want to buy another home.

How do you prepare for life after bankruptcy. If bankruptcy is your final decision, it's best to have a recovery plan in place prior to filing. With a plan, the recovery period can be quick and easy. Most need housing and transportation. To secure both after bankruptcy, you must be familiar with the guidelines for mortgage and auto financing.

Let us show you how!

Life after Bankruptcy

March 30th@7pm

Book online for webinar

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1 Comment

Terri, thank you so much for sharing your story. Your testimony has motivated me to push through. In 2023 I will become a homeowner. I appreciate everything that you've shared!!!

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