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Success In Bankruptcy Means You Focus On What You Gain And Not What You Have Lost.

By Rachel Lynn Foley, Kansas City, MO, Bankruptcy Att

In order to succeed in bankruptcy it is critical for you to focus on what you have and not what you have lost.  The holiday season is always tough for debtors regardless if they are in a Chapter 7 or Chapter 13.  People have a tendency to worry about living in the holiday moment and what they must purchase for Christmas or Hanukkah.  I wrote an a couple years ago explaining that you are not a bad parent for not purchasing Christmas presents. As stress is at an all time high right now I would like to revisit this point from a different view.People often think that bankruptcy is going to be the magical solution to all their problems.  The reality is that bankruptcy will not be the solution if you are not willing to change your spending habits and lifestyle.  You MUST focus on what you are gaining out of filing bankruptcy instead of viewing it from a negative standpoint on what you are allegedly losing.

In 1 Samuel 17:50 it says that David triumphed over the Philistine with a sling and rock.  David did not say, you know what, I am going to roll over and die today because I do not have the proper weapons.  Instead he took a deep breathe and looked at the tools he had in hand, a slingshot and five rocks.  Then he went to work defeating his enemy Goliath the nine foot giant.

If you are filing bankruptcy or currently in bankruptcy you probably feel like David facing your own Goliath size debt.  Now it is up to you to find the strength, wisdom and tools that you possess to defeat your Goliath sized debt.  But in doing so you must truly focus on what you have and what you really need out of life, not what society and media tell you that you need.

You want to destroy your debt through bankruptcy but you do not want to give up a home or your high end vehicle.  You want to destroy the debt through bankruptcy but you do not want to take your lunch to work to save money nor do you want to tell your child that they cannot have the new 4g Iphone for Christmas.  You want to destroy your debt but you do not want to give back the things you purchased on the credit card nor do you want to pay for it in a Chapter 13.  Bottom line you want your cake and eat it too.

Unfortunately, that is just not going to happen in bankruptcy… legally that is.  I am not saying that bankruptcy for some does feel like a miracle but bankruptcy certainly does not magically make your debt disappear.  You have to jump through certain legal hoops in order for the Bankruptcy Court to grant your discharge of debt.  You just do not get a discharge and walk away from debt because you ask for one.

So if you are considering bankruptcy, step into the shoes of David and look at the tools/weapons you have to destroy your Goliath sized debt.  You have the ability to budget, you have the ability to file bankruptcy, you have the ability to control the creditors and more importantly you have the ability to regain financial control of your life.

But in order to succeed in the bankruptcy your MUST focus on what you are gaining and not what you losing.  You are not losing a vehicle, you are GAINING freedom from debt.  You are not losing a house, you are GAINING your family back because you are not working 2 and 3 jobs to pay the first and/or second mortgage.  You are not losing a timeshare, you are GAINING money in your bank account because you do not have to pay yearly maintenance fees on a property your probably could not afford to use anyway.  You are not losing your pride or standing in the community because you are filing bankruptcy, you are GAINING your health and peace of mind because the creditors are no longer bothering you. You have the sole power to control whether you view the bankruptcy glass as half full or half empty.

Is bankruptcy that easy or that cut and dry?  No it is not.  Bankruptcy is a very tough decision to make and for some very tough to achieve.  It is not impossible though if you focus on what you have and what is important such as your family, health and freedom from the shackles of debt.

What is the key ingredient to a successful bankruptcy? The answer is it depends largely on the attitude of the debtor.  As the debtor, are you willing to focus and do what your bankruptcy attorney advises you to do?  If you are, then chances are you will have a successful bankruptcy.  If you are willing to change and focus more on what you are gaining instead of what you are allegedly losing then you have increased your probability of successfully obtaining either a Chapter 13 discharge or a fresh start in a Chapter 7.

My hope for you that if you are considering bankruptcy or have already filed that you find the strength of David and focus on doing whatever it takes to cross the finish line of bankruptcy and obtain your discharge.  Life is too short and too precious for you and our society to continue to focus on possessions.  At the end of the day if the stress from the debt of having the biggest house or fastest car kills you, was it really worth it?

Remember that knowledge is power and the more knowledge you have about budgeting and filing a successful bankruptcy the more power you will have to destroy your Goliath mound of debt and obtain your discharge.

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Full post as published by Bankruptcy Law Network on December 07, 2010 (boomark / email).