BANKRUPTCY - Better Outcomes in Your Life
We’ve had it said to us that filing for bankruptcy is like hitting the reset button on your computer. You start all over again. Many times we’ve heard people say, I wish I could start again and know what I know now.
Well, bankruptcy is like hitting the reset button on your computer and it does give you the chance to start again, knowing what you know now.
To get the most out of bankruptcy we recommend you give some thought to what you would like to do differently to give better outcomes in your life. The older we get, the more we realise that this question is not necessarily straight forward.
Often when talking to people, we ask them – if you had your time over again, what would you do differently. we find many of the answers really interesting and thought provoking.
There are a couple of conversations that we’ve had with persons who have been bankrupt for a few months that we would like to share with you. They give insight into the cause of a person’s financial problems and how the solution involves more than just bankruptcy.
The first conversation we would like to tell you about is when we asked a chap: what knowledge he had which benefitted him when he filed for bankruptcy? He replied, as my debts became unmanageable, I found I was caught in a vicious cycle. I was very unhappy. I struggled to live within my means. Spending money and building up debt was a major cause of my financial problems. He went on to say that after much soul-searching he realised his financial problems were caused by him looking for happiness. He sought bankruptcy to provide him with a restart but he knew that he needed to find happiness otherwise bankruptcy would only allow him to start the vicious cycle again. The great news is that he was able to find happiness! He went on to say that he had started doing charity work and was finding it to be very rewarding and life changing. It no longer concerned him about whether he had a flash holiday that he could tell everyone about. He no longer found living within his means impossible. He felt that he had finally created a happy life for himself that was not fuelled by the need for more and more money and bankruptcy had importantly enabled him to reset to have a fresh start and to live and enjoy life.
The second conversation we would like to tell you about is a chap who we asked what knowledge had he benefited from when he filed for bankruptcy? He replied that he stopped letting people sell him things he did not want. We were interested to hear his story and as we chatted away it became clear that he felt he was a victim of salesmen. He owed a lot of money on credit cards. He said he never intended to owe money, it seemed to creep up on him. He started with some credit cards – thinking that’s what everyone does. He had never asked for a credit limit increase – it was always the lender that offered it to him. He always considered that if they offered him the increase, they must see no problem with him being able to repay it, and he would sign-up for each increase offered.
This went on until it dawned on him that he was trapped. He could not repay his debts and he did not know how to fix it. He said he was under that much stress that he was a pressure cooker, festering health problems with little chance of enjoying his life.
We asked him how he had changed his life in addition to having debts were removed by bankruptcy. He said his wages are no longer consumed by minimum payments and he now uses his wages to look after himself and no longer has credit cards. Further, he does not let people sell him things that he does not want. Bankruptcy allowed him to have a fresh start, protect his wages, take control of his life and improve his health.
Our lives really are personal and complicated. We all have different answers when we talk about what we would change in our lives. Unfortunately, very often we do not have the opportunity to do things differently. However, bankruptcy can provide a special opportunity to persons experiencing financial problems. Bankruptcy is not just about a financial fix, it allows you to hit the reset button to explore what you will do differently in your life to give better outcomes in all aspects of your life.