In some aspects, it could be considered a great time for folks who are filing bankruptcy: with the economy in the worst recession in recent memory, it’s suddenly cool to be thrifty .

Here’s a look at some traditional post-bankruptcy wisdom that’s seeing new life in the down economy.

Post-Bankruptcy Move #1: Cut back on spending
The fresh financial start bankruptcy can offer is great, but it only really works if you’re able to maintain your debt-free status.

Those recently out of bankruptcy have always been encouraged to shop with detailed lists (and stick to them!), switch to generic brands, carpool, buy secondhand clothes and the like to save money.

Recession Twist: Swap, barter or share to get stuff free (or cheaper).
These days, it seems everybody is looking to cut costs. It’s no wonder, then, that sites like Meetup.com, Swaptree.com and Paperbackswap.com are springing up to help bargain-minded Americans trade their old stuff and save.

And some especially resourceful individuals are chipping in for costly items and sharing them.

Post-Bankruptcy Move #2: Design and stick to a budget
As you get your finances back in order, it’s important to have a plan for where your money needs to go each month. And, while the word budget may have been a "dirty" word once upon a time, these days it’s a must-have.

Recession Twist: Look outside your comfort zone for terrific deals.
Maybe you don’t have money to travel like you used to (and “staycations” are so 2008), but summer on a budget doesn’t have to mean three months of boredom.

Check out events that you might not normally consider attending: movie nights at the local library, amateur music at outdoor parks, even special deals on hotels in your area.

Bargains are everywhere (one benefit of a recession) – take advantage of the price cuts businesses are offering to stretch your budget to its limits.

Post-Bankruptcy Move #3: Develop savings strategies
A savings cushion could mean the difference between swimming and sinking when a financial disaster hits. In your post-bankruptcy life, it’s crucial to make regular, consistent savings a key part of your cash management.

Recession Twist: Get the whole family involved.
As a nation, we’re saving significantly more money now than we did a year ago (nearly five percent of income in ’09 compared to almost nothing in 2008). Take this opportunity to teach your kids about the importance of savings – help them start bank accounts, savings jars, piggy banks, etc.

And make savings an important part of your family’s life – set goals for yourselves (vacation, pizza night) and work together to reach them.

Bottom Line: Make the Most of It

The recession’s got plenty of negative features, but you don’t have to dwell on them. Take advantage of all the benefits it can offer you!