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February 26, 2010

When divorce left him with a mountain of debts and children to support, Robert Jahnke was forced to file for bankruptcy. Yet, instead of breaking down the man learned valuable lessons that allowed him to become a successful businessman in just a few short years.

The bankruptcy damaged his first business and personal credit, but through hard work - which included a full-time job and trying to work out favorable payment terms with creditors - the Wisconsin resident managed to establish a self-financed business that specialized in door-to-door marketing of menus and flyers in a bag, according to Green Bay Press Gazette.

Overtime, Jahnke sold his enterprise, started other ventures and even went on to co-found Helping Business Build Assets (HBBA), a non-profit business networking group.

Today, he is in a position to offer advice to those facing bankruptcy. "Don't give up on your dream," he told the news provider. "Look at other possibilities to get started. Do what you have to do even if it means starting on a smaller scale."

BankruptcyAction.com says that nearly 1.5 million Americans filed for bankruptcy in 2008. However, experts say the borrower and creditor can typically work out a refinancing deal that will help the debtor avoid going under.

Those facing repayments of several loans may also benefit from enlisting the help of reputable companies that can consolidate their debt, which may result in fewer and smaller installments.

Finally, the best way to avoid debt is to live within one's means, spend less than the household income, and use credit and loans only in emergency situations.

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