There is an unfortunate myth that bankruptcy is equivalent to failure. This is simply not true. If you have to file bankruptcy, you have merely found a way of living that did not work. Bankruptcy gives you the opportunity to start again, and to try something else. When you have to file for bankruptcy, you have the opportunity to reset your financial clock. You will then have a blank slate with which to try again.
What Makes a Failure?
We’ve all heard the old adage “You don’t fail until you stop trying.” How true it is. If you are willing to start over and try again, you are not a failure. You may have failed once, but that does not make you a failure. If you have walked down the bankruptcy path, it means that you are willing to give yourself a second chance, and that is not failure.
Causes of Bankruptcy
Many people falsely believe that people who file for bankruptcy are financially irresponsible. This is also a false belief. For many people, they experience extreme financial hardship and are left with no other option. Typically, one of three things happen: death, divorce, or illness; and the financial responsibility that comes with those life events is too much for the individual to handle. Many turn to bankruptcy as a way to start again and move on.
Moving on After Bankruptcy
If you are filing for bankruptcy, it is very important that you think of bankruptcy as an opportunity to learn from your mistakes and try again. If you don’t change your lifestyle, you may end up in the same place that you did before. You need to learn how to balance your checkbook and how to rebuild your credit.
Famous People Who Filed for Bankruptcy
There are many people who once filed for bankruptcy and were able to become successful later in life.
- Walt Disney – In 1923 Walt Disney’s first film studio went bankrupt. 5 years later, he created Mickey Mouse.
- Larry King – In 1978 Larry King had racked up $350,000 in debt. After he filed for bankruptcy, he was offered a late-night talk show where he became a successful star.
- Milton Hershey – As in the Hershey’s chocolate. Hershey’s small candy company went bankrupt in 1882. A few years later, he founded the Lancaster Caramel Company, which he later sold in 1900. He focused on perfecting his chocolate formula, and became a wildly successful businessman later in life.