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"FINANCIAL PEACE DURING BANKRUPTCY" Psychic Advice Column addresses inquiries such as: "why do I feel like a failure since filing for bankruptcy", and other "consequences for filing for bankruptcy".

FINANCIAL PEACE DURING BANKRUPTCY

Question: "I am considering filing for bankruptcy. Can you tell me how this effects me spiritually please?"

"Psychic Advice":
Many people struggle every day with their debts and with the decision of whether to declare bankruptcy or not. Society does not look kindly upon a history of bankruptcy, and with it comes a whole new set of challenges, both during and after filing bankruptcy, so it would be wise to fully research and examine what your life will be like if you decide to take this route. It is not an easy decision to make for most people, but there are ways of maintaining spiritual and financial peace during bankruptcy.

Facing bankruptcy can bring up many emotions, including fear, shame, guilt, etc. These are the things that can impact you spiritually. Bankruptcy, in and of itself, is not really a spiritual issue, but what you come to feel and believe about yourself as a result can impact you spiritually for the rest of your life, and for lifetimes to come. If you choose to file for bankruptcy, you must not allow it to bankrupt you spiritually, emotionally or morally. You must be willing to see it as wiping the slate clean and having an opportunity to begin anew and to do better, but you must be able to do this with a clear conscience.

First, it is important to remember that although people have different reasons for filing bankruptcy, it is usually not for lack of trying. Success and prosperity can be challenging for many people in our modern society. Doctors can graduate from medical school with debts in excess of $200,000 dollars. Student loans can be crippling for many people starting out their careers in entry-level positions with a massive debt load right from the beginning. This can be even more challenging for those who return to school later in life for a career change who already have the burden of responsibility for a family, a mortgage, etc.

People can face bankruptcy because of overwhelming circumstances in their lives, such as divorce, being laid off, becoming ill, or from changes that affect their investments in real estate, the stock market, etc. In countries that don't offer adequate medical insurance coverage, people can unfortunately face bankruptcy after being hospitalized - that certainly is throwing salt in the wound! Many people can find themselves unable to pay their taxes, no matter how hard they work, because the tax burden is too much on top of the expenses of everyday life, and filing for bankruptcy may seem to be their only option.

In a society where the media and advertising constantly brainwash people about what they must have in order to be considered a successful person, or what they must give to their children in order to be a good parent, the pressures to spend and accumulate debt can be overwhelming. Some people even choose to take out a second mortgage on their home just so they can buy Christmas presents for their family. Credit card companies make it easy to access credit, even for teenagers and college students who can't easily pay off their debts, so they can charge heavy interest fees that can become impossible to repay. Credit card debt can be a never-ending trap, with no way out other than praying for a windfall, or filing bankruptcy.

Many people file for bankruptcy after trying to start their own business. It takes time, perseverance, and resources to start and maintain a business. Many companies that are considered "overnight successes" actually took years or even decades to establish. Starbucks was founded in 1971, and by 1984 still had only five locations. No matter how much training, education or background a person may have, businesses are built on trial and error, and sometimes those errors can be insurmountable.

Although there are consequences for filing bankruptcy and I am not advocating it as an easy solution to one's financial problems, the burden of debt can be more serious in the long run as it can affect a person's health, wellbeing and self-esteem, along with that of their family. Debt can become a tremendous obstacle because it can weigh so heavily upon you that you can no longer move. In order to release that burden, emotionally, mentally and spiritually, you must release any feelings of guilt and create financial peace during bankruptcy.

Guilt and shame can create karmic ripples that affect you through this life and even in other lifetimes. It is important to clear yourself of karmic debts so bankruptcy does not impact you spiritually. Make a list of all of your debts, and determine which ones cause you to feel guilt or angst. Keep in mind that institutions such as the government and banks deal with billions and trillions of dollars, so your debts to them hardly make any difference. If there are people in your life that you owe money to that cause you to feel guilt or shame, make some kind of commitment to repay that debt when you can, either in the form of money, or in acts of service if necessary. These are the types of debts that will create karmic bonds between you and those souls, causing you to have to come back in other lifetimes to work on unfinished business with them if those debts and the feelings involved are not cleared and forgiven by all parties. 

Instead of focusing on what you owe, focus your energy with gratitude for all that you have received, and really own what you have received, feeling worthy of it. Focus on all the good that has come of it, and be grateful for any joy that it gave you or others. Within yourself, deeply and sincerely thank all those who gave to you, and accept that the greatest debt that you owe them in return is a debt of gratitude. Feel your profound gratitude, even to the credit card companies and banks, and say a prayer to the Universe asking that all those who gave to you may have this returned to them tenfold from abundant and infinite sources.

If you find yourself asking, "Why do I feel like a failure since filing bankruptcy?", you may want to keep in mind that many famous people have filed for bankruptcy, and have often gone on to create wealth and success afterwards. The list includes: Mark Twain (Author), Henry Ford (Automobile Manufacturer), Milton Hershey (started four candy companies before reaching success with Hershey's Foods Corporation, makers of Hershey chocolates such as Reese's, Hershey Kisses, etc.), Wayne Newton (Singer), Willie Nelson (Singer), P.T. Barnum (after his bankruptcy was discharged, he founded "The Barnum and Bailey Circus: The Greatest Show on Earth"), Henry Heinz (after filing bankruptcy, Heinz started a new company producing tomato ketchup), Abraham Lincoln (US President), MC Hammer (Singer), Walt Disney (after bankruptcy, he created Mickey Mouse and the Disney empire), Mike Tyson (Boxer), Burt Reynolds (Actor), Kim Basinger (Actress), just to name a few. Larry King and Donald Trump have each declared bankruptcy twice, and are now doing pretty well for themselves. Keeping these people in mind should help you to feel more financial peace during bankruptcy.

There is no such thing as failure as long as you learn, grow and evolve from it. When you first learned to walk, you fell down many times - if you saw those falls as failures, you wouldn't be walking today. The key is to get up, and not give up. We all make mistakes, fail and fall down at different times in our lives.  The key to financial peace during bankruptcy is to make peace with yourself and with your choices - learn from your experiences, and you will make wiser choices from now on.  



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