I have noticed over the years that one of the greatest benefits of chapter 7 bankruptcy for those whose income is based on commission sales, or who are self employed, is the release of the tension involved with crushing debt, and the corresponding freedom people feel to go out and make more money.
This is true for all who file chapter 7, but in the case of those whose motivation to promote their business or get sales is particularly liberating and allows a greater confidence to promote greater earnings.
For example, if you are self employed or dependent on commissions, the incessant phone calls from creditors takes a huge toll on your productivity. You meet with a great prospect in the morning who says they’ll call you back, and the phone rings, you are excited, but then the call is from a bill collector, and your hopes become deflated. Then, when the prospect does call, you may not have the same excitement and confidence necessary to achieve a sale, and income suffers, continuing the downward spiral.
I have heard feedback from sales people and self employed people, time and time again over the years, that the bankruptcy was the greatest thing they could have done to fix their debt problems, and that the bankruptcy freed them from their depressive thoughts and feelings that then allowed them to go forward with their lives and businesses to a much greater level of success.
Of course, no one wants to or plans to file bankruptcy, but when there is really no other option, the act of DOING SOMETHING ABOUT THE PROBLEM is a healthy one that often times leads to greater freedom in the future.
