Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









Effects of Bankruptcy - Not the American Dream

Written by: Krissy Mayse

Article Overview: Anyone who has ever gone through the emotional pain and stress associated with bankruptcy will tell you that bankruptcy was not something they “planned” or considered to be a part of their future plans.

Free Download - Setting Up Facebook's Timeline for Small Business Owners or Consultants By Krissy Mayse
Name: Email:

Effects of Bankruptcy - Not the American Dream

Anyone who has ever gone through the emotional pain and stress associated with bankruptcy will tell you that bankruptcy was not something they “planned” or considered to be a part of their future plans.

I remember, as a new mother, taking my six month old son to bankruptcy court with me. My thoughts in the days prior to formalizing our bankruptcy were a combination of self-pity, anger, shame and just plain sad. I felt like the months after a baby’s birth should be spent getting to know the baby. Gazing into his eyes and feeling his little smiles warm my heart. I kept looking in his eyes and thinking “This is NOT how I wanted to start my new family!” or “This is NOT the way I wanted his life to begin.” I couldn’t believe this was happening to ME. Bankruptcy not only gave me a bad credit score but my self esteem also took a pretty large ding.

As a teenager – I remember my diaries being filled with certainty that I was going somewhere. I was going to be financially independent, have my own place, and even be my own boss.

Nowhere in those dreams did I envision what really happened: I went to college, graduated and planned to start my own psychology practice. Instead I got married and helped him start a business. Before we knew it were getting past due notices from suppliers. I made the mistake that many people make. I assumed HE was keeping the books. And in retrospect, I guess he must have assumed that it was ME who was doing that. One thing is clear though: No one was paying attention to the ratio of money coming in vs. money going out.

Many couples make this mistake and you don’t even have to have a company or business of your own to make it. Some people just sort of live in a denial state or block out the fact that they are getting deeper and deeper in the debt hole. They feel frozen and know they need to take action but they stay frozen to the spot.

If you are at that point where you’ve been frozen or you have been pushing the facts aside, it’s like you aren’t sleeping at night (because these things ALWAYS seem to show up when we try to sleep). The best thing for you is not sleep aides or grasping at whatever you see first. Use the Internet as a tool for exploring your options. Don’t focus on “panic” driven information or articles. Seek factual information and remain objective. If you are thinking of bankruptcy and really don’t want to go there, run a search on the Internet for “bankruptcy alternatives” or “bankruptcy solutions.” Read blogs and forums where people discuss what works. You can find blogs, websites, and forums on everything from avoiding foreclosure for months to negotiating a loan modification by yourself.

You CAN take control.

Participate in constructive discussions (not gripe fests!) with others going through similar situations. Teach yourself to find solutions. Watch out for companies that claim to specialize in whatever misfortune they can make money from. You may eventually hire a professional representative or firm to assist you. When you do, it’s wise to be informed and educated. When you are prepared, you are better able to handle whatever comes your way.

The self confidence you gain from knowing you can handle your life’s concerns is one the biggest gifts you will ever give yourself.

Related Articles
  Credit Alliance Group busts the Bankruptcy Myth
  SMB-Speak: Small Business & the American Dream
  When Should I Consider Filing for Bankruptcy?
  What Are The Limitations of Filing for Bankruptcy?
  What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

Home > Home-Based-Business > Krissy Mayse > Effects of Bankruptcy Not the American Dream
Article Tags: anger, bad credit, bankruptcy court, boss br, couples, credit score, denial, emotional pain, future plans, keeping the books, mistake, new mother, paying attention, psychology practice, retrospect, rsquo, self esteem, self pity, shame, smiles

About the Author: Krissy Mayse
RSS for Krissy's articles - Visit Krissy's website

Krissy Mayse, owner of InCredible You Marketing & Training, has 10 + years’ experience teaching others to market their home businesses. She enjoys teaching entrepreneurs the ins and outs of working with prospective customers and clients using online marketing.

In addition to writing articles, content for countless ads, and developing and writing training material, instructional guides or eBooks, Krissy also has been instrumental in the writing of many successful email campaigns for groups that use Internet marketing.   Recently, she became the Social Media Trainer for the fun and creative Internet team,EveVenture, LLC where she also trains members in prospecting and recruiting without being “sales-y.”


Click here to visit Krissy's website
Dashed Line

More from Krissy Mayse
Successful Appointment Setting in Todays Economy
Swine Flu Impacts More than Your Health
My Goals are in My Head
5 Questions to Ask Work at Home Businesses
Setting Up Facebooks Timeline for Small Business Owners or Consultants


Related Forum Posts
Re: Are Economic Recessions Good for Franchising? Re: Are Economic Recessions Good for Franchising? - [quote="RussellWebb":6xh1ztbv]As I understand it, when there are more corporate layoffs you have more workers looking into starting their own business. It makes sense in a backwards sort of way. My first impression is that Franchising would take a hit like everyone else... but the more I look into it: [i:6xh1ztbv]The opposite occurs[/i:6xh1ztbv]. There's a larger pool of very qualified workers that are disenchanted with the corporate world. They are often more than willing to take a bigger risk and seek self-employment, whether it's a franchise or not. In my opinion, there are lots of good opportunities out there, it's just a matter of doing your research and finding a nice fit.[/quote:6xh1ztbv] I agree with Russell. Initially everything looks like its taking a slight to moderate (and in some cases very "moderate") hit. But owning your own business is really (not to be cheesy) what the American Dream is all about - and this can most definitely be done in the cast of a successful franchise business. If you just think of a franchise as a very successful business plan, isn't that a pretty good place to start?
Off to get married, Congrats Off to get married, Congrats - Hi Evan, I am married over 34 years. So go for the long haul. It's worth it every minute. I hope you will have a 24/7 time away from the Forum. Forget all about it and enjoy each other. Your Dream begins..... Regards Beat
Re: New Funding Source Now LIVE! Re: New Funding Source Now LIVE! - [quote="ideasuniversity":3lio17iz]I have checked the site and it seems it for American Entrepreneurs only. Please correct me if I am wrong[/quote:3lio17iz] You are correct. I wanted to limit it to the U.S. in order to keep the legalities more simplified and under control. Also, there are plenty of other organizations doing their part to help the "world". I was interested in helping my own neighbors and fellow American entrepreneurs.
Re: New Funding Source Now LIVE! Re: New Funding Source Now LIVE! - [quote="bizdev":3vzftwj4][quote="ideasuniversity":3vzftwj4]I have checked the site and it seems it for American Entrepreneurs only. Please correct me if I am wrong[/quote:3vzftwj4] You are correct. I wanted to limit it to the U.S. in order to keep the legalities more simplified and under control. Also, there are plenty of other organizations doing their part to help the "world". I was interested in helping my own neighbors and fellow American entrepreneurs.[/quote:3vzftwj4] I think that was a pretty wise move as taking it to other countries is can become very involved with different laws and currencies etc. Good luck with your business. MichelleJ
Re: What is one of your favorite sales and marketing book? Re: What is one of your favorite sales and marketing book? - Great post. I love biographies. My favorite book is The Magic of Thinking Big. It's such a quick, easy read. But the big take away message is you should dream big because most people don't bother to dream big and actually try big. The book cites the example of a job posting for an executive position gets far fewer responses than a job for a mid level manager or a mailroom clerk. So Dream Big & Do Big because most people won't. Off to get the Zappos book.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

Making the Most of Your Trade Show Experience

ROSI Return on SUNK Investment

Attracting Passionate Employees

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.