Overcoming The Emotional Toll Of Bankruptcy
Filing for bankruptcy has a misconception of being an easy way for people to avoid paying debt that they simply don’t want to pay. The truth is filing for bankruptcy is sometimes the only option for those who have found themselves struggling financially and deciding to file for business or personal bankruptcy is one of the more difficult decisions anyone can make. The almost 550,000 bankruptcy filings that occurred in 2020 came from borrowers from all walks of life and all income levels. In most cases, borrowers who end up filing for bankruptcy are generally responsible people who simply found themselves struggling to pay off their past debts after an unexpected life event. Bankruptcy can be the best and even only way to move out of a crushing financial situation and into a fresh financial start – but a key to this is learning how to overcome any negative emotions.
Shifting Your Thoughts About Bankruptcy
While the financial consequences of bankruptcy are well-known, the mental burden can also be overwhelming if up until now your view of bankruptcy has always been negative. However, it is always better to take control of finances rather than continue to ignore the problem and you should give yourself credit for recognizing that bankruptcy can really help those with significant debt get back on their feet. Filing for bankruptcy can jeopardize your own feelings of self worth and even make you feel like you have failed in some way. However, at worst, filing for bankruptcy just means you made some mistakes that you are now trying to correct. In many other cases, bankruptcy comes because of circumstances that were outside of anyone’s control. Notably, medical debt is the main reason for bankruptcy filings. Medical problems clearly aren’t something any of us need or want and wouldn’t choose to have to go into debt for.
Keep the following in mind throughout the bankruptcy process no matter what led to you filing:
- Remember how stressful the cycle of overwhelming debt was and keep in mind the aggressive tactics you had to deal with from creditors
- Try not to worry about what your friends and family will think and remember that anyone you have a genuine relationship with would never judge you anyway
- Focus on the positive aspects of your life and on the fact that your financial future is about to have a brighter outlook than the debt-ridden burden you had to carry in the past
You Don’t Have to Go Through this Process Alone
The decision of whether to file for bankruptcy isn’t a choice that someone else can make for you, but that doesn’t mean that having good advice can’t help. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we can help you figure out whether bankruptcy is a good option for you, and if so, whether it is the right thing for you to pursue at this time. We will provide you with solutions available with the bankruptcy code while supporting your emotional burden. Our knowledgeable and compassionate attorneys have over four decades of combined experience learning exactly how to what it takes to file bankruptcy successfully for a brighter financial future. Contact us today for a free consultation.