Filing for bankruptcy is a humbling experience which can make one feel as though rock bottom has been hit. Failure is a term that will be used and that’s deflating.
“And if you don’t give up, and don’t give in, you may just be okay”
It’s not over until…
It’s not the end, though. You can dig yourself out although it may take some time. Brush yourself off and have a plan. Don’t be impatient and accept fate. Know this going into business.
Bankruptcy is the only solution when the business debt is too much to overcome. Conversely, it does allow one to rise above mistakes and try again. Or, as a last resort, entrepreneurship can be abandoned entirely alleviating further financial repercussions. You and your investors will still lose money so you’re not escaping unscathed. Tax write-offs only go so far.
The emotional punch in the gut
“I’m a shattered, shattered”
Shattered – “To damage badly or ruin” – Merriam-Webster. Sometimes a word like “shattered” suggests that perfect sound to truly illustrate the feeling that can’t be escaped. An apt use of onomatopoeia.
Business debt caused me to go bankrupt, shattering my dreams. Confronting this setback was devastating and it required great resolve to overcome. Being prepared for this is not on the radar as an entrepreneur does not anticipate or plan for failure.
You could be in distinguished company
Elton John, Walt Disney, & P.T. Barnum are just a few success stories who experienced bankruptcy and bounced back. How you pick up the pieces and move on is a test of resiliency. As an entrepreneur, financial exposure is the risk you accept.
Don’t take advantage of a good thing
There are people who have abused this financial escape route, though. Its purpose is to protect an individual’s assets such as a home. However, taking advantage of the Get Out of Jail Free card should not be abused as in reality it’s far from being free.
Bankruptcy is a legal procedure that provides relief when the debt load is untenable. It allows recovery and venturing back in the business game again if the first setback allows. It’s a second chance that shouldn’t be taken lightly. Fortunately, it doesn’t have to be the end of the dream.