Tips for Dealing with the Emotional Stress of Bankruptcy
Of course, no one wants to go into bankruptcy, and the stress surrounding the decision to do so is understandable. But when you are faced with crushing debt, harassing calls from collection agencies and continual financial uncertainly, you may be left with no other logical choice.
You need to know that you are not alone. Many hardworking, good, honest people who are under severe financial pressure file for bankruptcy, usually for multiple reasons. Some of the causes are their own fault while others are events over which they had no control. Whatever your reasons, it is normal to undergo emotional and psychological stress over what led you to bankruptcy and about the uncertain road ahead. However, it is important to keep a cool head and to think clearly as you pursue legal relief.
Here are some way you can deal with the stress you may be experiencing:
- Assess your situation — A reality check on the causes of your financial troubles can help you understand to what extent your own actions contributed and to what extent you were the victim of external forces. This can help you come to terms with your own sense of guilt and remorse.
- Talk with family and friends — Embarrassment over filing for bankruptcy may cause people to keep it a secret, even from those close to them. Bottling up your feelings can increase your stress levels while depriving you of the support and comfort of those close to you.
- Consult with therapists — If you have difficulty discussing your bankruptcy with friends or family members, there are financial-stress therapists who can suggest methods and strategies for managing the emotional strain of bankruptcy. It may also be possible to find support groups that provide camaraderie and forums for discussion.
- Maintain a health regimen — Keep to a proper diet and make sure you get the right amount of sleep. Exercise is also a great way to relieve stress.
- Make a financial plan — Whether you are filing a Chapter 7 or a Chapter 13, it is a good idea to develop a plan for getting back on your feet after your debts are discharged. The plan can establish goals and a realistic timeline for achieving them. Working on such a plan can itself help relieve stress that comes from uncertainty about your financial future.
At the Law Offices of Michael Jay Berger in Beverly Hills, I understand the emotional pressures that my clients may undergo. I assist clients with all aspects of bankruptcy, which includes counseling them on how to proceed with financial recovery. If you are considering filing a bankruptcy, contact me online to schedule a consultation or give me a call at 310-271-6223.