NEW YORK (MONEY Magazine) - You don't have to commit a crime to sully your professional reputation, wittingly or unwittingly.

The public failure of a major project, for example, or a charge (even if undeserved) of sexual harassment is the kind of major mishap that could leave you scrambling to repair your career and finances.

These steps can help you get back on track.

Face the reality that your standard of living will have to decline, at least until you figure out your next step.

"If you're not willing to compromise, you're in trouble," says David Nidus of the Fortune Society, which counsels ex-offenders.

First, the bling-bling must go. Then re-evaluate necessities like housing to make sure they're the kind you can still afford. You may also need to take a lower-level job as a stepping stone to your former status.

If your gaffe makes it difficult to find work in your field, think about changing professions. Take courses to build the know-how you need, focusing on a skill you've always wanted to learn.

If you can't get hired full time, try volunteering to establish a new track record as a reliable, ethical, conscientious worker.

It's one thing to claim that you've turned over a new leaf; it's another entirely to present prospective employers with references from supervisors who rave about your performance.

If nobody will hire you, hire yourself. Self-employment can be a difficult transition if you're accustomed to a regular paycheck and support staff, but some people are surprised to learn that they actually enjoy being their own boss and may even earn more than they did before.

If that happens, your mistake can become the best thing that ever happened to you.

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