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Maintaining perspective during personal bankruptcy

Beyond the fact that most people are taught from a very young age that it is generally inappropriate to talk about one’s personal finances, Florida residents confronted by the possibility of filing for bankruptcy are sometimes embarrassed or ashamed by their financial difficulties. It’s important to recognize, however, that bankruptcy can be a long and emotionally draining process; surrounding oneself with supportive people and constructive thoughts can go a long way to help ensure that the entire experience is a positive one.

One of the most important things that people can do to help themselves effectively navigate the bankruptcy process is to seek the company and counsel of a trusted friend and/or relative. Of course, professional advice is also recommended, but sometimes the most useful feedback is that which comes from a truly sympathetic party. Attempting to conceal one’s concerns and insecurities about financial issues often does little to ease them, and loved ones are usually eager to help on an emotional level.

Filing Chapter 7 bankruptcy can be physically and emotionally taxing, since filers are forced to not only relinquish some assets but also accept a number of significant lifestyle changes. Acknowledging one’s difficulties and negative feelings about bankruptcy can be another helpful way to regain authority over one’s financial situation. On a similar note, appreciating bankruptcy as a form of debt relief and step in the right direction of achieving financial security is much more productive than considering it as failure.

Personal bankruptcy can be and is one effective way to come out from under significant amounts of debt. Speaking with a lawyer can be helpful to understanding one’s bankruptcy options and opportunities.

Source: Forbes, “4 Tips For Coping With The Emotional Cost Of Bankruptcy,” Joe Apfelbaum, Aug. 21, 2014

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