I declared personal bankruptcy in 2002. I was advised by my lawyer that the only way I could get out of the $80,000 lien on my personal bank account was to declare a bankruptcy. I got into the debt because of the infidelity of a former business partner and my own ignorance and blind trust. He might be defaulted his own part of the credit and the entire burden of the loan fell on me. This occurred because I did not read through the papers years earlier when he handed the agreement over to me to sign because I trusted his judgment.
I suffered lots of shame and humiliation for declaring bankruptcy. Although I tried my best to forget about the entire situation but this proved difficult especially when I have something to do with the bank. Robin Hardy of The Moosey Group Inc described it correctly. She said the main emotion felt at such point in time is failure. The feeling of failure comes from the way the creditors would treat you in such condition. They will make you feel like a failure, a looser and a nonentity. (more…)