12/16/2013 10:36 am ET Updated Dec 06, 2017

What I Learned From Declaring Bankruptcy, From Betsey Johnson (VIDEO)

When asked about what lessons she learned from going through the experience of bankruptcy, fashion designer Betsey Johnson had some valuable things to share. Looking back, she said that she realized how unique her niche store truly was, even if it ultimately went bankrupt. She also learned that you should never spend more money than what you bring in; a lesson instilled in her by her parents growing up.

"There’s always something good that comes from the bad," said Betsey. "You just have to get through the hard times and then things will change." Betsey feels she has a bigger, better business now and is satisfied as the creative director of her brand.

See 10 of Betsey Johnson's most outrageous fashion moments here:

Betsey Johnson’s Most Outrageous Fashion Moments

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