Today I attended the 2015 Bankruptcy Leadership Summit in Nashville, Tennessee at the Dave Ramsey headquarters. In his introductory remarks this morning Dave Ramsey discussed his own bankruptcy that he filed years ago to stop debt collectors from taking the furniture in his home after the banks called the loans on his real estate investments. He told us about the heartache and the feelings of failure that he had when, despite doing everything he could to avoid it, he finally had to pull the trigger and file for bankruptcy protection.
There is no question that most people who file for bankruptcy go through these same emotions. Even though most can logically wrap their minds around the need for their bankruptcy case, many struggle with feelings of failure. Dave shared a powerful experience about when he and his wife were leaving the Meeting of Creditors in his own bankruptcy and him finally realizing that the daily struggle and against his debt was finally over and he truly was getting a fresh start.
You are Not Your Bankruptcy
There are a couple of takeaway from Dave Ramsey’s life story that should provide you hope. First, your bankruptcy doesn’t need to define who you are. At its most basic bankruptcy is simply a legal process for dealing with overwhelming debt problems. However, there is much more involved when it comes to bankruptcy. Bankruptcy is a legal process the same way that a divorce proceeding is merely a legal process – we know both carry a significant amount of emotional baggage.
And while those feelings are real it is important to understand that you are not your bankruptcy. Your bankruptcy is a point in time, and while it true bankruptcy has consequences, there are times – just as Dave Ramsey experienced – where bankruptcy is necessary.
Your Future is Bright
The second thing you can learn from Dave Ramsey’s bankruptcy is that just because you are going through financial difficulties now, doesn’t mean that your future isn’t going to be a bright one. I can’t imagine on the day Dave Ramsey filed for bankruptcy that he could have even dreamt of such a successful and prosperous future.
You have every right to be as equally optimistic – if you do one more key thing that Dave Ramsey did. He learned from his prior mistakes. If you file for bankruptcy and go back to your old financial ways there is no reason to think that your future will be any different then your present situation. You must find the problem, address the problem, and make a plan to move forward to a more prosperous future.
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John Skiba, Esq.
We offer a free consultation to discuss your debt problem and help you put together a game plan to eliminate your debt once and for all. Give us a call at (480) 420-4028