Emotions and Bankruptcy

Emotions and Bankruptcy - Jay S. Jump – Jump Law Group – Washington State – www.jumplawgroup.com

One of the statements I hear most often when doing an initial client interview is ‘I never thought I would end up here.  I’m a complete failure.’ I cringe everytime I hear it because it isn’t true.  Life is a matter of perspective.  Whereas you see failure, I see responsibility.  I see initiative. I see a willingness to make a change in your life for the better. Everytime I hear a client say that statement, I spend five minutes talking about perspective and the below is the gist of my speech. . . America is entrepenurial.  We believe in pulling ourselves up from our bootstraps, fighting adversity, and becoming successful.  Only in America can anyone succeed from nothing.  America is the land of opportunity.  This is part of our national psyche.

The truth is, Amreica is a harsh reality.  The ability to succeed also requires the ability to fail.  Living for a dream will not always result in realizing the dream.  Dreams take hard work and they aren’t easy.  Many people start out in their lives wishing to realize the dream and our media and credit card companies sell you the American dream lock, stock, and barrell.   The eventual outcome, which they all know, is that your creditors will have you over a barrell.  Our forefather’s knew this.  They didn’t want a nation of debtor’s to be burdened with so much debt.  They didn’t want productive citizens to wind up in debtors prison simply because they rolled the dice on the American Dream.  Hence, the bankruptcy code was written.   A legitimate set of laws designed to give you a second chance. The spirit of the bankruptcy law is the American entreprenurial spirit.  Our forefathers knew that not everyone would succeed.  They knew that most would fail.

However, it made no sense for an otherwise productive member of society to spend their life walllowing in that failure, never able to get out from under it.  Bankruptcy changed that.  It gave the American citizen the chance to get out from under the crushing weight of their debt and start anew.  This is why bankruptcy is so often called a ‘fresh start’. By allowing you to get out from under your debt, you now have the opportunity to try again, as a productive member of society, to contribute to the economy and the market by becoming successful in your next attempt.  Whereas you see bankruptcy as failure, the intent of the law is to allow a rebirth of your spirit and American Dream. If you think this is not true, remember that Walt Disney went through a bankruptcy or two before he discovered the success of Mickey Mouse.  Do you want to suggest that Walt Disney is a failure?  I didn’t think so. So, if you find yourself in the position of having to file bankruptcy, take heart.  Don’t see it as a failure.  See it as the end of one chapter in your life and the beginning of a new one, a better one, the one our Forefathers wished for you.

Jay S. Jump Jump Law Group Seattle & Davenport, Washington(253) 479-0241 www.jumplawgroup.com