Bankruptcy is not a walk in the park. It’s not easy on your wallet, on your finances, and it’s not easy on you emotionally or mentally. It’s stressful and even devastating and that’s okay. Understanding that this is going to be a burden for you emotionally and mentally as well as financially and even physically will do wonders to help you prepare for what’s to come when you file for bankruptcy. Don’t be afraid of the secondary consequences.
There are many ways to tackle the emotional toll bankruptcy can take on you.
Having a plan for predicted emotions is a good start but also know you may not be able to fully anticipate every feeling you have. There are some tips, tricks, and best practices for figuring out how to take on the emotional toll that bankruptcy can have on you and your family and having them in your back pocket could save you a lot of headache down the road.
Below are some good practices to have ready to help you take your emotions and mentalities around bankruptcy head on when the time comes.
Understand What Bankruptcy Is
This is not to say you need to understand all the nuances of bankruptcy. But, in broad strokes, bankruptcy is a safety net. It may not feel like it while they’re discussing asset liquidation and taking your paychecks but it’s a way to give you a blank canvas and a fresh financial start. So, try and reorient the way you think about bankruptcy and understand it’s a positive thing and it will help you see the positives in the bankruptcy process.
Plan Out Your Steps
Understanding the steps as much as possible will be a huge help. You don’t have to know everything but understanding what’s coming down the road can save you from surprises. Another benefit is turning the steps into a list that you can check off as you work through it. This can have a great positive effect on your brain as you work towards completion of the process.
Don’t Be Afraid to Ask for Help
Never be afraid to talk to someone. Even with as much preparation as possible, you may not have bankruptcy completely under control. It’s okay to talk to someone. Counselors and therapists exist for this reason and are there to help you through the emotional drains and episodes that can happen during a bankruptcy case. Be prepared to seek out help.
What are some emotional dangers of bankruptcy?
Many people try to cope with their stress during bankruptcy by turning to alcohol or other substances, which can be even more detrimental to your life. You should also avoid procrastination.
How can bankruptcy actually reduce my financial stress?
Bankruptcy’s automatic stay will prevent creditors from contacting you further and discharge of debts will help you in the long run. Know your options, make sure to speak with a bankruptcy lawyer to ensure you are choosing the best debt relief solution for your financial situation.
Hines Law Offices is full-service bankruptcy firm with 20+ years’ experience. We handle all types of debt relief matters committed to assisting the residents of Massachusetts. Our experience and knowledge in personal bankruptcy cases ensures a smooth process safeguarding your interests and will help you gain financial control of your future.