They say bankruptcy is equivalent to failure. This is simply not true.
The stigma that came along with filing for bankruptcy in the past is just not the same today. Bankruptcy simply means finding a way to live better financially. So before you judge yourself, or shake your head in embarrassment and say “shame, shame, shame,” in front of a mirror, remember that you are not a failure.
You’ve probably heard the old adage, “You don’t fail unless you stop trying,” and it’s true, according to Utah Bankruptcy Pros. If you’re willing to try again, you are not a failure. If you choose to file and hire a bankruptcy attorney, it simply means you’re willing to give yourself a second chance.
To understand this better, let’s look at what filing for bankruptcy really means.
Bankruptcy simply means seeking the legal protection afforded to you under the law. FindLaw defines it as a court procedure that helps people pay off their debts. If you prove that you deserve it, the court will protect you during your proceeding.
Simply put, filing for bankruptcy simply means asking for a chance to reset your financial clock.
Famous People Who Filed for Bankruptcy
Not convinced yet? There are actually many people who once filed for bankruptcy and were able to become successful later in life. One of them is Walt Disney – in the ‘20s, his first film studio went bankrupt. A few years later, he created the worldwide success Mickey Mouse.
Henry Ford also knew how bankruptcy felt. In 1899, he started the Detroit Automobile Company, but he hadn’t mastered his proprietary production techniques yet; in the next two years, he only managed to produce 20 cars. The company went bankrupt two years later – but look at them now.
In summary, you shouldn’t be embarrassed to file for bankruptcy, because it doesn’t signify failure, but rather a strength. And remember, it’s not the end of your life, but the beginning of the next chapter.