"Declaring Chapter 11"
What a poetic phrase, starting with 'declaring'. Not sighing or announcing or admitting, but Declaring!
Chapter 11 refers to part of the bankruptcy code that covers reorganizations. In Chapter 11, you don't shut down your business. Instead, faced with failure, you suspend certain agreements and debts and negotiate in a way that permits you to continue.
Chapter 7 is very different. It means "I give up." You shut down, it's over.
Metaphorically, we have the chance to declare either kind of bankruptcy whenever we work on a project or consider a habit, a social media addiction or even a job.Teetering on the edge of bankruptcy is painful. Declaring is often a relief.
Acknowledging that you're stuck is the very first step in getting unstuck…
Perhaps it's time to stop fighting a losing fight and start creating value doing something else instead. Bankruptcy is never fun, but when you give up something that wasn't getting you where you needed to go, sometimes you discover a future better than you ever expected.