Why does the term ‘bankruptcy’ always seem to denote negativity? Whenever people mention it, images of bad credit score, sky-high debts, and moving out come to mind. For most, bankruptcy is unavoidable. Unexpected things happen: a family member could lose a job, medical expenses may arrive, and promotions do not come.
Perhaps we need to re-think what ‘bankruptcy’ is really about?
It’s Always Dark Before The Sun Rises
Believe it or not, even multimillionaires go through bankruptcy at some point. The famous Donald Trump for example, filed for corporate bankruptcy four times (1991, 1992, 2004, and 2009). He had to give up a couple of businesses that were tied to his name (such as Trump Airlines), but he’s still a huge name in the financial game today.
So what does this mean? It simply means that even after big losses, you can definitely get your life back again. Bankruptcy, like everything else, is a phase that some of us may need to go through. Maybe it’s because we need to get our priorities straightened out; or perhaps we need to take out financial burdens from our lives. But like the old saying goes: ‘you can rise again’.
Common Concerns with Bankruptcy
Once you speak with a qualified bankruptcy attorney Montgomery regarding your situation, it’s time to face the music. Depending on how much you owe, you may need to:
• put your home up for foreclosure
• liquidate remaining assets
• tap into your retirement savings for extra money
• move in with family or friends
• avoid luxuries for the meantime
• sell/pawn valuable property
It’s going to be tough. It doesn’t matter whether you’re an average Joe or a popular star – going through bankruptcy is never easy. That’s why a lot of people would rather face court than admit that they’re in debt. Sad to say but these days, image is a big deal.
Time To Get Creative
Is there a good side to bankruptcy? Yes! As mentioned earlier, it’s during times of utter darkness that folks are often pressed into doing ingenious ways to get out of debt. A good example would be Willie Nelson. With up to $16.7 million in unpaid back taxes in 1990, no one guessed that he would be able to regain his losses.
However, in 1991, Nelson released an album called ‘The IRS Tapes: Who’ll Buy My Memories’. The public bought it, and proceeds were used to pay off his debts. In 1993, he was a financially free man. Don’t think that bankruptcy is forever. In fact, the IRS would be willing to lend a hand if you ask them to. In addition, there are bankruptcy lawyers who are experts at making sure you can start anew.
Bankruptcy Can Be a New Beginning
For those who have been there, they can attest that they’ve become stronger, and wiser. Don’t simply look at bankruptcy as a weakness. It can be a beautiful beginning: a time to assess your financial knowledge, be better at planning, and acquire different assets.
Have some bankruptcy questions in mind? Simply get in touch with your local bankruptcy attorney for more details.