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Bankruptcy FAQ

Be prepared for the emotional toll bankruptcy can take

On Behalf of | Sep 8, 2019 | Chapter 7

You’ve made the decision to file for bankruptcy. You’ve determined that it’s the best option for dealing with your debts and getting a fresh start. You’ll be busy with the bankruptcy process and adjusting to the changes in your life that come along with it.

At some point, bankruptcy is likely to take an emotional toll. That’s only natural. We live in a country where people are often judged by their financial success and acquired possessions. For many people, self-worth and material worth are interconnected. Filing for bankruptcy can impact a person’s confidence, self-esteem and even identity.

Don’t ignore whatever you’re feeling — whether it’s anger, shame, guilt and/or sadness. However, don’t let those feelings consume you. It’s healthier and more productive to see this as a learning experience and a chance to take control of your financial well-being. Focus on the future and your next steps.

If you’re filing for Chapter 7 bankruptcy, you may be giving up some possessions that mean a lot to you. Remember that they’re just things. The sooner you can let go of the past and focus on the future, the happier you’ll be.

Decide whom you need or want to tell about your bankruptcy. You don’t have to let your friends know. However, if you’ve been living beyond your means with vacations and nights out that you couldn’t afford, you’ll need to cut back on some of your socializing. That may be how you find out who your real friends are — especially if you were the one always paying the restaurant bill or bar tab.

You may feel like the last thing you can afford right now is therapy. However, if you’re not able to get past your negative feelings and move forward, it may be wise to look for a therapist in your area that accepts your insurance or who offers free or low-cost counseling. Your attorney or other debt relief professional may be able to offer some recommendations.

“Attorney Advertising Disclaimer: Under Federal Law, we have been designated a Debt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed. Dramatization: Not actual clients in pictures and videos. — Thomas C. McBride, attorney in Alexandria, LA.”