Dealing with the Emotional Side of Bankruptcy

Finances and debt can be a cold issue void of any passion, but can also be something that is very emotional. This is especially the case when financial problems arise and people are faced with bankruptcy. If you are struggling with money and you believe bankruptcy could be in your future, here’s what you should know about dealing with your emotions.

The truth is, filing for bankruptcy can affect your emotional and mental health. Most people who are forced to file feel disappointed, angry, frustrated, depressed, or any combination of all of these emotions. Bankruptcy can also be a frightening experience and one that you want to keep a secret.

Most bankruptcy attorneys are familiar with how emotionally challenging bankruptcy can be for clients and they have the experience to coach them through difficult situations. At the very least, a bankruptcy attorney’s experience of the process will often put your mind at ease and help the situation feel less stressful.

Keep in mind that as willing as your attorney is to help you deal with the emotions of bankruptcy, he or she might not be enough, especially if you are having serious emotional problems. In this case, contact your doctor or speak with a counselor with experience helping people deal with emotional issues and financial problems.

Bankruptcy is Common

It can also be extremely helpful to realize you are not alone. There are plenty of people out there filing for bankruptcy at the same time as you and there are just as many or more postponing their bankruptcy because they are scared or unsure what to do next. There is no reason to feel shame or guilt when you file for bankruptcy – it is simply a tool to help you get your financial life back on track.

It is also important to educate yourself about bankruptcy and how it can help you. There is no sense hiding from your financial problems or assuming that because they were caused by something out of your control – a divorce, a medical emergency – that fixing them is also out of your control. You have the power to rebuild your financial life, even if it takes time and requires a few challenges along the way.

Take Control

A great way to feel in control of your situation is to take a small step toward financial independence. You could start saving, even as you begin your bankruptcy. It’s true, once you file it will feel as if a stranger has taken control of your money and you will have very little to say about things. However, even if you are able to put aside a small amount per month in savings, you will feel better and see that there is light at the end of this tunnel.

Finally, consider helping someone else. Financial challenges can leave you feel helpless and as if you have nothing to give, but that is not true. Take some time to visit with a friend or relative who you know needs it or volunteer some time in your community. You will feel an emotional boost, even though your financial worries are not eliminated.

Are you struggling with financial problems? Are you worried about bankruptcy and is the idea of it leaving you feeling frightened and alone? We can help. Contact the law office of Frank J. LaPerch, PC at 845.942.5500 to discuss your case.