Every single responsible adult we know of has the exact same reaction to having to declare bankruptcy – shame. The shame is sometimes so pronounced that it affects people on a very personal level, and you\’ll often hear people who\’ve had to declare bankruptcy refer to themselves as \”failures\” and express a deep level of disappointment in themselves. The reality is that bankruptcy is nothing to be ashamed of and is a step even some of the wealthiest people in the world have been forced to take, or came very close to taking, at one time or another.
The problem with feeling negative emotions after declaring bankruptcy is that they stop you from taking positive action to get your life back on track – bankruptcy is literally only as permanent a feature in your life as you allow it to be. Remember that even in the worst case scenario that bad credit rating cloud hanging over you will be gone in as little as 2-years from filing, leaving you to get back to the life you were leading before your minor financial hiccup. To put it in perspective somebody out there owes their lenders 10x or 20x as much as you do, and they\’re not losing any sleep over it.
There is life after bankruptcy and the quality of that life is very much down to your first few steps after becoming financially insolvent.
#1 Forgive Yourself
Ok that might sounds a little bit too patchouli oil-scented for some of you reading this but the reality is that you\’re going to need a positive mindset to rebuild your life after bankruptcy, and the quickest way to help create that mindset is to simply forgive yourself.
#2 Accept The Lesson
The really, really smart people in this world treat bankruptcy as one of the biggest life lessons you can get. Realizing that life isn\’t fair, that finances aren\’t unlimited and that you might need to take several financial steps backwards in order that you can move forward again are all valuable lessons for any adult to learn. Bankruptcy can be a very humbling process and learning to be humble and appreciate the simple things in life is never a bad thing.
#4 Be Patient
Forgiving yourself and building a positive outlook isn\’t something which just happens overnight for most people, so you need to give yourself the space and time to work through the feelings you\’re dealing with right now. But make sure that you don\’t get caught up in any despair spirals or ongoing feelings of shame or embarrassment in relation to the bankruptcy- those feelings won\’t create anything positive in your life.
#5 You\’re Not Alone
Roughly 2 million Americans declare themselves bankrupt every single year, and millions more are considering it as an option right now. The recession is affecting literally millions of people, so please never, ever feel that you\’re alone in this.
Famous People that Have Declared Bankruptcy in the Past:
1) Abraham Lincoln
2) Henry Ford
3) Walt Disney
4) Milton Hershey
5) H.J. Heinz
6) Donald Trump
7) Mick Fleetwood
8) Merle Haggard
9) Ulysses S. Grant
10) Michael Jackson
11) Larry King