Surviving Bankruptcy and Rising From It With Hope

Food was rationed, clothes were all hand-me-downs, and only the very basic needs were met. This was how life was when the family business fell into bankruptcy due to mismanagement.

Although I don’t remember much about why the business fell into bankruptcy, I do remember well how our life changed. Food was rationed and shared equally among all of us. Our clothes were all handed down from cousins or were given to us as gifts. Our mother had to look for opportunities to earn to be able to provide our basic necessities. When our refrigerator broke down, we couldn’t afford to replace it so we made do without any for a couple of years. If you’ve ever experienced bankruptcy then you’ll know how awful it can be. It might even be worthwhile involve someone like these philadelphia bankruptcy lawyers to help you out, particularly if times are tough.

We all felt the brunt of this setback on our father. He was the one who painstakingly set-up the business from scratch, who spent countless sleepless nights to meet clients’ orders, and who put his social life at bay to provide for the family’s needs. He was the most devastated when his business failed.

I was only a teenager when this happened but I learned quite a lot from it:

Do not wallow in self-pity. It will not do you any good. Instead, with great hope, strive to once more establish what you once had.

Turn to family and friends for help. They are always more than willing to give any support you need until you get back on your feet.

Consider seeking professional help to file for bankruptcy. Those who are more aware of how to deal with bankruptcy issues will be able to help you salvage whatever else you can from your business. They are also bound to give you excellent advice on how to recover from bankruptcy. For example this bankruptcy lawyer Florence KY offer low cost help with a small up front cost.

Filing for individual bankruptcy. If you’re facing bankruptcy, it could also be worthwhile consulting with a lawyer or attorney on the advantages of “Chapter 13”. Chapter 13 offers a unique perspective on bankruptcy, and could help you to reduce or even eliminate your debt.

Take positive action. If you were able to build a business from nothing once, you can do it again successfully.

We are known for our resiliency, and this we showed when we, as a family, recovered from this loss. Now, my father’s new business venture is steadily increasing its client base. Our food is no longer rationed and we are able to have more than enough for our basic needs to enjoy a few luxuries once in a while. Surviving bankruptcy is not easy but it is possible.