Overcoming the Fear of Bankruptcy When it is Presented as an Option or a Threat

Depending on your personality type, some people are more afraid or possibly even ashamed than others. However, in life it is occasionally necessary to take steps that we would not ordinarily consider doing. Fear of the unknown often holds people back from proceeding with bankruptcy, despite it being little more than an administrative process in this day and age. 

There is something about unmanageable debt that brings all our fears to the surface. This is especially true for those people who have worked a lifetime and thought they were in a stable position. Believe it or not, all of Abraham Lincoln, MC Hammer, Walt Disney and Donald Trump (four times) went bankrupt at some point, yet they all bounced back better and stronger. Once you have taken the decision, it is time to look forward to a fresh start; a life without debt and a brighter future.

We know that people have their vices. Some of us have alcohol or gambling dependencies, while others simply cannot resist the lure of new cars or things for the house. Once you have identified the root cause of the problem and have taken steps not to repeat the pattern, you are ready to move on to the next stage of your life. When George Foreman went bankrupt in 1983 things didn’t look too good for the champ, but having identified where he went wrong, he launched a successful boxing comeback and introduced the George Foreman grill to the world, which netted him a cool $138 million.

Granted, we’re not all going to pull it off like George, but we know of plenty of former clients who have bounced back and have High Street bank accounts and mainstream credit cards just 18 months after having been discharged from bankruptcy. And if they can do it, then so can you.