Bankruptcy is a Time of Celebration, Not Despair

What's Hot

Do This or Your iPhone Bill May SkyrocketSave

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

9 Tips to Ensure You’ll Have Enough to RetireFamily

5 DIY Ways to Make Your Car Smell GreatCars

30 Awesome Things to Do in RetirementCollege

5 Spots Where Retirees Can Live for Less Than $40,000Real Estate

10 Ways to Pull Together the Down Payment for a HomeCredit & Debt

10 Ways to Reduce Your Homeowner’s Insurance RatesFamily

50 Ways to Make a Fast $50 (or Lots More)Grow

If you're on the verge of bankruptcy or know someone who is, read this post from someone who's been there.

This post comes from Steve Rhode of

Here is something you don’t expect to hear people say: “If you file bankruptcy your life will get better.”

Well, I did file bankruptcy and my life did get better. Within three years after our bankruptcy we had purchased a house and before that had rebuilt great credit using secured credit cards.

For me, financial failure and bankruptcy became my greatest strength in helping people. Without my personal bankruptcy I wouldn’t be here helping you.

Want to know the one thing I would change about the process? Without a doubt I’d have eliminated the fear, shame, and stress that came with filing bankruptcy. All of it was created by my silly unfounded assumptions about life after bankruptcy. I would come to find out that none of it was based in reality. My attorney simply did a lousy job helping me overcome my incorrect assumptions about bankruptcy.

Famous people who filed bankruptcy

When you file bankruptcy you join a whole host of others who have lived through tough financial times and survived. Not only will you have joined me in the bankruptcy club, but some others you might recognize:  Larry King, Mike Tyson, MC Hammer, Willie Nelson, Walt Disney, Jerry Lee Lewis, Elton John, Dave Ramsey, Thomas Jefferson, Abraham Lincoln (essentially), Henry Ford, President William McKinley, Milton Hershey, Rush Limbaugh, Burt Reynolds, H.J. Heinz, P.T. Barnum, Charles Goodyear, and on and on and on.

Bankruptcy isn’t the end of your life. It’s the beginning of the next chapter

I’ve been helping people with debt problems since 1994. In all those years I can count on one hand the number of people who played the system. All the other thousands and thousands of people I heard from who filed bankruptcy did it to restart their lives.

Nobody runs out and says, “I’m going to make mistakes and be the subject of an accident, illness, job loss, or natural disaster,” so they can wind up in bankruptcy. Stuff just happens.

There are lots of worse things that can happen

Let’s look at what filing bankruptcy actually means. It means you’re seeking the legal protection afforded you under the law so you can get a second chance and a fresh start. It’s a road from an impossible financial past to a better financial future so you can better protect your family financially and move forward with your life.

Filing bankruptcy means you accept responsibility for your financial mess and are taking action allowed by the U.S. Constitution. You’ve decided that doing better is the best revenge against failure.

So ask yourself this question: “Do you want to spend the next five years struggling to fix your financial past, or spend it building a stronger financial future and creating a safety net for you and your kids?”

Popular bankruptcy myths

So often I hear people say things about bankruptcy out of total ignorance. They make these statements from assumptions, not reality. If you want to read the growing list of the most common bankruptcy myths, click here.

Steve the Get Out of Debt GuyTwitter, G+, Facebook

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: How Does Debt Affect Survivors After a Loved One’s Death?

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,644 more deals!