We heard about the mishap of 50 Cent recently about him filing bankruptcy. As much as possible, we want to avoid this kind of financial turmoil because we are minutes away from getting kicked from our house and being broke. We do not want to live with nothing and start from scratch again. Filing a bankruptcy will break us and if we are not that strong to get back up again, who knows where we are heading.
Bankruptcy also happens here in Singapore. Bankruptcy happens when a person owes more money that he/she can pay. To understand it better, bankruptcy is regarded as “reset” button. The reset button will allow us to start from scratch. Bringing with us nothing but lessons, we can still get back up again and at least recover but only a few ever get rich again.
We file for bankruptcy when we owe at least $10,000 and we have no way of repaying it. Once this happens, consequences will roll in. We will not like the consequences and it can quite taint our name. Knowing this, it is important that we should avoid bankruptcy. So, how can we avoid such misfortune? Here are the reasons:
The worst thing that could happen is our company terminating our services because of the misfortune. Our bankruptcy reflects how we manage our finances and who would trust us with theirs? If we are given a second chance, we have to make it work and prove that we will not be in an unfortunate position again.
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