financial recovery

Financial recovery refers to the process of restoring an individual's or organization's financial health after experiencing difficulty, such as debt, bankruptcy, or economic downturn. This involves assessing the situation, creating a budget, reducing unnecessary expenses, and possibly negotiating with creditors. Financial recovery also often includes building savings and improving credit scores over time. The goal is to regain stability, ensure long-term financial well-being, and create a sustainable plan for future financial decisions. It's about re-establishing control over finances and working towards a more secure financial future.