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Eliminating your debts can pave the way to success

When many Ohio residents think about personal bankruptcy, it is with the assumption that choosing that path marks the end of the road -- the point beyond which success is simply unattainable. In reality, however, many people who pursue personal bankruptcy go on to achieve considerable success. When it comes to planning for the future, eliminating your debts is an excellent way to get a jump start on future prosperity.

A prime example is found in the story of a couple who owned two bicycle shops. They opened their first store in 1994 in a big Midwestern city in which very few people used bikes to commute back and forth to work. They chose to specialize in bicycles that were hard to find in America, including folding bikes, European-style commuter cycles and cargo bikes. Eventually, the couple opened a satellite shop and enjoyed success in their niche market.

When commercial rents rose and consumer interest waned, the stores began to falter. The couple made the decision to file for personal bankruptcy, and they closed both stores and liquidated their existing inventory. Now, less than six months later, they are opening a new bicycle shop in a different part of town. This move may surprise many readers, but one of the shop owners put it in simple terms, stating that the couple has more than 25 years of experience in their industry, and they could find success again in a different commercial setting.

They will soon open the doors to their new shop, which is far larger than either of their old spaces and leased at a far lower cost. This will allow them to expand their offerings and remain competitive in the growing bicycle market in their city. The partners were able to evaluate their current financial scenario and make a decision that would serve both their immediate and long-term interests. That is a fine example to show how eliminating your debts can lead to future success for anyone in Ohio.

Source: chi.streetsblog.org, "Former Rapid Transit Owners Opening Cosmic Bikes in Jefferson Park", John Greenfield, March 30, 2016

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