Bankruptcy Positive Negatives
Few people start their financial lives with failure in mind. We all hope to succeed with work and business efforts, not fail. Many times people just run out of time to think their way out of certain challenging situations.
We are all built differently and our comfort zones vary considerably. For those who struggle with stress and depression, just getting through the obstacles can be a challenge. To stand strong when it’s easier to let go, brushing ourselves down and continue putting one foot in front of the other in the face of adversity; these things are not easy.
With 23 years in the industry and after helping countless people who have found themselves in a position where personal bankruptcy is a fact, there is no choice other than to go through the bankruptcy process and find out the Bankruptcy Positive Negatives.
I am the founder and driver of www.bankruptcy.co.uk that I created in 1998 because I knew that my skills can help people who find themselves in unthinkable financial situations. It would be fair to say that I can generally find all the Bankruptcy Positive Negatives in most situations.
I apply my skills to people to provide them with the confidence in knowing that we completely understand the position they are in, and how they have arrived in that position and the reasons why. This is a relatively short process, but even with the most complex cases can be resolved within 45 minutes provided the right questions are asked.
Once this information is obtained I run through options and potential outcomes that sit well with the client.
Extreme but very common cases where a person has held out against aggressive creditors, who might have engaged multiple debt collection and recovery companies, then applied the court process and followed up with Bailiffs and Sheriffs.
Then this person is likely to be cornered and trapped and will need a very fast solution if they are to take a pro active approach to managing and dealing with the situation in a way that the right outcome is achieved. It is often the case that self employed people will entrust others with important aspects of their businesses, only to find that they have been let down.
My experience and skills allow me to provide clients with an exceptionally dynamic service where we take control and direct efforts towards the most cost effective and time saving solutions.
Bankruptcy Positive Negatives
Lets start with the negatives. The reason is that if you deal effectively with the negatives the positives generally take care of themselves. There will always be heart moving and personal reasons as to why people have ended up having to consider the consequences of bankruptcy.
A divorce or a separation will invariably have a different outcome from what was originally intended. With the right mindset to move forward and with thoughtful decisions will benefit those individuals that apply it opposed that ‘don’t’, ‘can’t’ or ‘don’t know how’. The loss of a loved one, terminal illness, illness or an accident can have life changing implications.
These are really hard to sensitively verbalise. There’s no choice and not really much chance of a financial recovery, unless there is some luck involved. Thoughts and conversations regarding mortality have to be faced, and for those with legacies, it’s time to get your affairs in order.
Ordinarily, bankruptcy is looked at as the end of the line, but we know that it’s the beginning of something new. If positioned in the right way, you can up and running immediately if you choose. Bankruptcy negative positives represent the end of a distressing financial situation, where survival from the point just after is the best immediate short term outcome.
I’m fairly certain that people do not start their financial journeys with failure in mind. They start with optimism and the best intentions. They apply their core skills and engage all their knowledge to balance their businesses and take chances they believe will work.
These people generally consist of individuals that have either always worked and who have been employed that over the years have signed up to complex financial instruments such as loan and credit agreements that eventually they are unable to repay.
These people comprise the skilled labour market who decide that for their own reasons that they are entrepreneurial and who want the independence of starting their own business. To the professions such as doctors, dentists, solicitors, barristers, financial advisors, accountants and estate agents, recruitment consultants, property developers and many others.
For these people there can be a lot to lose with a bankruptcy or even an IVA (Individual Voluntary Arrangement), for that matter. It very possible today that over the past few years they might have transferred a frozen or active pension, only to find that the investment has plummeted or, worse still, has been placed into liquidation and all retirement monies are now lost.
If this is you or you know someone that this has happened to then they should call us as we are very effective with getting people their money back. Having to come to terms with going right back to the beginning and starting over after sometimes a lifetime of effort is a daunting thought.
What is important is the manner in which you react and whether you have the ability to deal with the disappointment and go again. Remember, it’s up to you how you react to things. You have the choice. Being insolvent and in a position where your liabilities outweigh your assets, you are entirely relying on your core skills to get through the situation.
It means that you have to accept that some of what you have created may not be coming with you in the future. Depending on your personality type you could end up feeling like a failure.
The consequences can be considerable, especially if you have people around you that have learned to count on your leadership and rely on you for their income.
All these are reasons why there can be such a huge difference to the outcomes. Because we all react in different ways and generally want different things. I believe what is important is the ability to detach yourself from what has happened and, where possible, take the positives from it.
Look at it like a learning curve. If given the same opportunity what would you have done differently? Of course, this is real life and not some educational project, but there’s a lot to say for looking at it like one, even if it’s your life we are talking about. For those people who still have time on their side, it might be viewed as restructuring.
Something like applying director services as a solution would essentially mean that a person with a fresh approach, an understanding of your business, a strategy to apply with immediate effect would mean that the priority is to apply damage limitation, get control, change the commands to whoever is part of the trading entity. Work towards a just and fair outcome.
The question is always finding that right person because more often than not you care about your business more than anyone else cares about it. Before I go too far I want to make a couple of points quite clear.
Firstly I think I’ve established that we are all different and that our values vary dramatically, the relationships that people end up having and being committed to will vary too. Although it’s nice to think that you can help everybody, we can really only help those who can help themselves.
So this post is aimed at people who lead and people who are responsible for themselves first, as opposed to those people who are in positions where other people take the risks and have been provided for by another person’s income or capital.
By allowing others to pay the bills take the risks generally results in the inability to fend and provide for oneself. This isn’t a fair and balanced position but a lot of the time people’s lives aren’t fair and balanced, and there are other elements that hold people together.
There are good examples out there of people that work well in teams, the roles are defined for fairness and interdependency, where communications are good. The original hunter gatherer and home builder. Where the home keeping roles are defined and fair and communication is good. These are ideals and it’s certainly not an ideal man made world out there and many people are on their own for their own reasons.
If freedom is a priority and not wanting to be answerable to anyone but yourself then these types of people are in control of themselves and they will stand or fall by the decisions they make for themselves. In many ways facing bankruptcy in this position could be argued as better, as it’s likely to be only you that will be affected.
But there are again could be reasons that this person could have positioned themselves out in front because they have created a position of safety for their family or loved ones and they know that by working alone they can move at a speed that suits them and they don’t have to have their speed controlled by anyone else.
Generally if you work in a team, you have to go at the speed of the slowest person. This can be frustrating because left alone to get on with things without distraction could be what is needed but can’t always be obtained because of others around them slowing them down and having inference on the decision making process.
Take the example of a business person who has had a successful start up and has then grown the business to a position where there are shareholders and an increased number of partners who all have a say on the decision making process for that business.
The original spirit that came up with the concept and put time and effort into developing a successful business strategy, then has to answer to people who have a say in where and how that business is directed. This can be totally disenchanting.
So now we are clear on the above let’s move on with what this post is all about.
- Accepting that the position you have ended up in is your doing because of the decisions that you have made that have resulted in a failing business and or financial position that is beyond recovery.
- Accepting that because you are in this position there is a strong possibility that other people around you are going to be affected by your forthcoming demise.
- Accepting that if you have been in denial and have carried on regardless because you truly believed that the position would recover itself and that circumstances would or will work themselves out because they always have in the past, is possibly one of the hardest things to get to grips with.
Not only that but extreme things happen. A percentage of people lean towards suicide and often actually carry it out. Is this going to stop all of a sudden? No, of course it’s not; if anything, this generation is more prone to depression, being overweight, ill disciplined and have social media distractions, which unfortunately breeds mental illness in itself.
We are part of a want it now and get it now culture where most things are accessible from a smart device. It’s a huge risk allowing yourself or someone else you know go this far to the edge because its bitterly hard to come back from this point. Right now and tomorrow there will be people reaching this point. If we can reach these people and give them hope, then everyone can make a difference.
Examples of people generally in this instance they are those that get to a point and look at their lives and those with life insurance may consider that they are worth more dead than they are alive, and on the other spectrum those without it whose families and that have financial commitments and have to strive hard just to make ends meet cannot afford to hold that thought and may even see it as an easy way out.
Either position is a position that makes it feel like a total effort just to put one foot in front of the other just to keep going.
People need to be inspired, people need to have choices and options and very importantly they need to be able to find solutions that can be applied to their circumstances that are usually completely obvious to an outsider looking in. It takes courage to be honest and realistic with yourself.
To re evaluate your own value system in a different way that your mind has always conducted itself before is without question a hard thing to do. If you haven’t been quite honest with those around you who are being affected by the outcomes of your actions then this shift in personality is hard to achieve generally because of the fear of loss that is present when you are personally considering your options.
As far as the positives go I think you can see that when you take into account the complexities of the above and just pause for thought for a moment. What can we see? Well, let me tell you what I see: what I have learned is that life and society allows us to react the best way we know how.
If in your life you have been a winner and come from good survivalist backgrounds then the chances are that you will make lighter work of the difficulties. You will have already learned how to defend yourself when you are in a position of weakness.
Know and understand that negotiations from a position of weakness when you are against oppressive opponent are more difficult if you haven’t received the skill set to know how to manage and control and obtain the outcome that you want because your skill set is better than your opponents.
Bankruptcy Positive Negatives
Sean M Kiani.