The emotional roller coaster of bankruptcy
The dread of getting the mail, answering the phone or checking your inbox is often overwhelming when you have creditors coming after you. For many people who are in this situation, filing for bankruptcy is one of the options that could help them to find relief from that dread.
When you file for bankruptcy, an automatic stay is issued. This prohibits creditors from contacting you in an effort to collect the debt. That fact alone could make you happy. You may also feel elated that you’re on the way to a better financial future.
There are also negative feelings associated with bankruptcy. Being ready to address those feelings enables you to move past them and focus more on the positive feelings.
What negative feelings might you experience?
Some people who file for bankruptcy protection feel shame about having to file. There really isn’t any reason to feel this way. Bankruptcy is a legal way to overcome financial difficulties that might not be possible any other way. Many people who file are led to this point by factors they can’t control, such as medical bills or an unexpected job loss.
It’s also possible to feel angry or frustrated because you have to live well within your means during bankruptcy. You can’t obtain new lines of credit and your old lines of credit will close. This means you have to live off of what you earn, which is sometimes difficult. During these times, try to remember that this temporary sacrifice is leading you to a new life of financial stability because you’re learning how to budget and live within that budget.
One of the best ways to combat the emotional effects of filing for bankruptcy is to stay informed about what’s going on. You may not feel as stressed if you know what to expect. Take the time to learn your responsibilities and rights so you can make it through the case.