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Declaring bankruptcy can provide a much-needed second chance

Certain things in life are uncontrollable. In 2008, a number of financially successful people found this out the hard way. Businesses that were doing well were suddenly in jeopardy as the economy went into recession.

One man, who co-owned a very successful independent film and television company, felt an incredible burden when his business was consumed by the economic downturn. Within a matter of a year, he went from running a company with 400 employees to having more than $15 million worth of business-related debt to his name. At this point, the man knew he would have to seek personal bankruptcy in order to clear the debt and move forward.

Initially, the businessman was hesitant about declaring bankruptcy. This is a feeling that many people might be able to relate to. After all, bankruptcy typically has very negative connotations associated with it. People might mistakenly believe that it's impossible to completely recover after bankruptcy, even though the stress associated with debt has been lifted.

Now, a few years removed from personal bankruptcy, the film business owner knows that he would not have been able to rebuild without taking the step toward debt relief. He currently runs a young -- but successful -- digital distribution business for films. In fact, the man credits his decision to declare bankruptcy with the opportunity to reinvent himself and move forward with a new business idea.

Although no two bankruptcy cases are identical, going through the process can open the door to a fresh start. Without the burden of excessive debt, people can have the opportunity to repair credit and pursue personal and business goals that will propel them forward.

Source: CNN Money, "How I emerged from bankruptcy to grow a thriving company," Danny Fisher, Jan. 20, 2014

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