How To Remain In Control During A Bankruptcy

To say this has been a stressful year is a massive understatement. We can’t emphasize enough the severity of the consequences that have arisen because of the coronavirus pandemic — and keep in mind, we might not know the full extent of those consequences for years and years. Many people have lost their jobs. With this in mind, attorneys around the world expected an influx of new cases both because their offices were clothes and also due to the fact that people are angry and afraid for their financial security. The future might seem grim.

But bankruptcy shouldn’t be considered the end of the world. First and foremost, everyone started someplace. You might be headed backwards financially — and you might even lose assets along the way — but you’re also gaining an opportunity for perspective that few people are given.

What do we mean by that? Well, “job entrapment” is real. When you feel financially safe and secure in a position, you’re statistically less likely to search for a new job or a better job or whatever else it is you might want. In other words, you stop dreaming — and you start settling down to a life that lacks any kind of invigorating change.

Bankruptcy means you probably lost your job and the majority of your livelihood. But you have the chance to significantly change your life. Have you ever experienced a major obstacle you never thought you’d pass…only to arrive better off on the other side? Not everyone has one of those stories, but it’s a real thing that happens to real people every day. And it becomes more possible the more you look for it. When you go through a bankruptcy, try to find the opportunities — and take advantage of them.

An anonymous bankruptcy attorney at Toronjo & Prosser Law ( told us that bankruptcy isn’t necessarily the only answer to financial problems, either: “A lot of people come into our offices already dead set on declaring bankruptcy. They think we’re there just to tell them how and to file all the necessary paperwork. But we’re more like the financial consultants and life coaches you wish you had before ever learning the word ‘bankruptcy.’ Sometimes you just need some lifestyle changes to come out okay. There are plenty of other debt relief options.”

We were also informed that bankruptcy can be a very bad idea if someone doesn’t expect their financial situation to change for the better anytime soon — because there’s a “cooling off” period after bankruptcy. You can’t just file over and over and think life is all good. That means you really need to be at the lowest point of your financial troubles before you even consider bankruptcy.

Many people who file for bankruptcy will believe they’ve made a mistake, while many others will know it was the best decision they’ve ever made. Your own personal circumstances matter most — so be sure to look for financial help before you make that decision.