Emotionally Bankrupt: Dealing With Bankruptcy

For many, the decision to file for bankruptcy is a difficult one and one not taken lightly. Financial circumstances that seem insurmountable can make even the most responsible among us desperate enough to seek debt relief via bankruptcy. Being prepared for the practical issues that surrounds bankruptcy is vital, but don't neglect to pay attention to your emotional issues as well. If done correctly and with thoughtfulness, your bankruptcy can represent a learning experience and the fresh financial start you need. Read on to learn more about the emotional ups and downs of bankruptcy and how to deal with them.

Once the Decision Has Been Made

At first, you may experience a great deal of relief once the bankruptcy paperwork has been filed. Just placing your financial problems in the hands of your bankruptcy attorney can bring on a great sigh of relief and peace. Bankruptcy offers an almost immediate stop to all debt collection activity, so the constant stream of phone calls and letters will come to an end. Additionally, you can stop making those high minimum payments on all of your secured debt, such as credit cards and personal loans. Extra cash is always nice, especially if it's needed to catch up on mortgage or rent payments to keep a roof over your head.

Feelings of Failure

Most people are afflicted with feelings of despair and failure, and you are often left searching for answers. How did you allow your finances to get so out of control? Some of this soul-searching is instructive; after all, if you cannot learn from your mistakes you could just be setting yourself up for a repeat. While you are contemplating your past financial mistakes, don't allow yourself to wallow in self-pity. Focus instead on a brighter future and concrete ways to avoid getting in financial trouble again.

Educate Yourself

Part of your bankruptcy process is some required financial education classes, one of which educates consumers on important financial issues like budgeting, emergency savings and how to attain and use credit more wisely in the future.

You Are Not Alone

You may feel like a lone failure in a sea of successful, financially secure people, but that is just an illusion. Did you know that 819,240 people declared bankruptcy in the year 2015? That averages out to over 16,000 bankruptcies per state. While you may not personally know another bankruptcy filer, they are out there in great numbers. Take good care of yourself and watch out for signs of serious depression or other mental illnesses, like changes in appetite and sleep, isolating tendencies, angry outbursts and more. Seek out affordable help and look to loved ones for support during this time.

You can recover from bankruptcy, as long as you stay positive and learn from your past mistakes. Consult with a bankruptcy attorney, like Flippin Thomas C, for more information.

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