What You Can Learn from Dave Ramsey’s Bankruptcy

(uplifting electronic music) (impact rumbling) – Recently I attended the
Bankruptcy Leadership Summit in Nashville, Tennessee at
the Dave Ramsey headquarters. In his introductory remarks, Dave Ramsey discussed his own bankruptcy that he filed years ago
to stop debt collectors from taking the furniture in his home after the banks had called the loans on his real estate investments. He told us about the heartache and the feelings of
failure that he had when, despite doing everything
he could to avoid it, he finally had to pull the trigger and file for bankruptcy protection. There’s no question that most people who file for bankruptcy go through these exact same emotions. Even though most can
logically wrap their minds around the need for their bankruptcy case, many really struggle with
the feelings of failure. Dave shared a powerful experience about when he and his wife were leaving the meeting of
creditors in his own bankruptcy and him finally realizing
that the daily struggle against his debt was finally over and that he was truly
getting a fresh start. You are not your bankruptcy. And there are a couple of takeaways from Dave Ramsey’s life story
that should provide you hope. First, your bankruptcy doesn’t
need to define who you are. At its most basic, bankruptcy is simply a legal process for dealing with
overwhelming debt problems. However, there is much more involved when it comes to bankruptcy. Bankruptcy is a legal
process in the same way that a divorce proceeding
is merely a legal process. We know that both carry a significant amount of emotional baggage. And while those feelings are real, it’s important to understand that you are not your bankruptcy. Your bankruptcy is a point in time. And while it’s true that
bankruptcy has consequences, there are times, just as
Dave Ramsey experienced, where bankruptcy is necessary. Your future is bright. The second thing you can learn from Dave Ramsey’s bankruptcy is that just because you are going through financial difficulties now doesn’t mean that you future
isn’t going to be a bright one. I can’t imagine on the day Dave
Ramsey filed for bankruptcy that he would have dreamt of such a successful and prosperous future. You have every right to
be as equally optimistic if you do one more key
thing that Dave did, and that’s that he learned
from his prior mistakes. If you file for bankruptcy and go back to your old financial ways, there is no reason to
think that your future will be any different then
your present situation. You must find the problem, address the problem, and make a plan to move forward for a more prosperous future. Thanks for watching.

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