Filing bankruptcy can cause individuals to feel anxious and stressed. This is understandable, as it is not uncommon to closely associate our personal sense of worth with our financial position. Losing a sense of financial stability can feel like a loss of identity, as self-esteem and confidence are impacted. Those going through the process should try to separate the practical and physical reality of money from the potentially debilitating emotions they may feel in response to bankruptcy.

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To constructively come to terms with your financial situation, you can:

  • Concentrate on the practical realities of the situation. Where you are today is a point in time, but you are taking steps to get your finances under control – meaning that better times are on the way.
  • Learn and grow from the experience.  Taking proactive measures to guarantee your future financial security can help you to alleviate current anxiety.  Take this opportunity to learn tangible new skills, such as taking advantage of credit counseling services.
  • Rely on the expertise of professionals. A bankruptcy attorney can handle many of the tasks associated with the legal process  – but can also eliminate fear and uncertainty by providing the knowledgeable guidance you need.
  • Allow yourself to process emotions: Depression, anger, and shame are all common emotional responses to financial crises. Acknowledge that these feelings are valid, but understand that even someone who “does all the right things” can find themselves in a tough economic spot. Feel what you feel, but then determine to move on without resentment and blame. This is not an ending; it is a fresh start.

Life After Filing Bankruptcy

Filing for bankruptcy will result in significant future changes in lifestyle and financial strategy. Chapter 7 bankruptcy may require the liquidation of select assets to generate enough cash to pay back debts. This can put someone in a position of reduced wealth and fewer possessions – which can be emotional in and of itself. It will also be necessary to live within a more stringent budget going forward. Therefore, prepare yourself emotionally ahead of time – and remind yourself that a more structured and disciplined approach to money and spending will make your life far more peaceful.

However, the same financial issues that resulted in a bankruptcy filing may also contribute to strained family dynamics or affect personal and professional business relationships. Vacations, activities, and lifestyles may necessarily be affected in the short term as you get back on your feet. Understanding and accepting that life will change is important to keeping emotions in check and allowing you to move forward in a positive way. Talking through your emotions with a financial or mental health counselor is a great way to positively address any changes you may be experiencing.

Bankruptcy is a New Beginning

When deciding to file for bankruptcy, you may feel that your entire foundation is unstable, or your sense of security may be challenged. These emotions are natural, as no one wants to experience negative or anxious feelings. However, confronting these emotions with tangible solutions can minimize the fear and help you regain a sense of control.

Whenever we enter into an unfamiliar situation, it can be exceptionally beneficial to seek out professional help and trust loved ones by sharing how you feel.

Remember, there are many resources to help you navigate the financial and legal process associated with bankruptcy. There is no reason to face the situation by yourself- an experienced and compassionate bankruptcy attorney can significantly relieve the pressure, uncertainty, and fear you feel.

Call the law offices of Richard V. Ellis today to learn more about your options. Having a knowledgeable ally is the key to banishing negative emotions and moving forward with a positive mindset.