Moving Forward From the Emotional Difficulties of Debt and Bankruptcy

 Posted on August 02, 2022 in Bankruptcy

Debt can be a touchy subject for many people. Some forms of debt are unavoidable, such as the requirement to take out a mortgage loan in order to buy a home. Other debts are considered to be frivolous, such as using credit cards to purchase items that a person would not normally be able to afford. Many debts fall in between these two extremes, and while most people have some debts, they will often be able to manage their finances in a way that ensures that they can make affordable payments. However, debts may become unmanageable, and this is often due to unforeseen circumstances, such as the loss of a job or a serious illness. 

If you are in this type of situation, bankruptcy may be able to provide relief. However, you may encounter significant stress and other emotional issues as you determine your options for dealing with your debts. By understanding the best ways to address these issues, you can make sure you will be able to move forward successfully and maintain financial stability. Here are some tips on how you can address your emotional concerns as you work to eliminate your debts:

Remember That Financial Issues Are a Common Problem

Everyone is likely to encounter financial setbacks during their life. While you may worry about how others will perceive you due to your choice to file for bankruptcy, you can rest assured that you are not alone. Many people encounter debts for a variety of reasons, such as a costly divorce or medical bills related to a chronic illness or serious injury. Rather than worrying about the past and feeling negatively about the choices or circumstances that led to this situation, you can focus on the future and look forward to the elimination of stress related to debt.

Plan for Future Financial Success

While you will be unable to foresee everything that could possibly happen to you in the future, you can still put measures in place to protect yourself financially. You can establish a workable budget in which you note all forms of income that you will receive and detail all ongoing expenses that you will need to pay. This can help you make plans to save money and ensure that you will have the resources to address unexpected expenses or other issues that you may encounter in the years to come.

Manage Your Mental Health

While bankruptcy can remove a great deal of stress in your life once your debts have been eliminated, getting to that point can take a great deal of effort. There are a number of ways that you can manage the difficult emotions you may experience during this process. You may want to consider working with a psychotherapist or counselor to find coping strategies. However, if this is not an option, you may also find more cost-effective solutions, such as attending support groups for people who are going through a similar situation or discussing your concerns and emotions with a trusted friend or family member. By addressing the emotional difficulties you are experiencing, you will be better prepared to move forward after receiving relief from your debts.

Contact Our San Antonio Bankruptcy Lawyer

As you address the personal and emotional concerns related to debt and bankruptcy, the Law Offices of Chance M. McGhee can help you make sure all legal issues will be addressed properly during your case. Our goal is to help you complete the bankruptcy process as quickly and efficiently as possible while avoiding any issues that could prolong the process or cause unnecessary difficulties. Contact our Schertz bankruptcy attorney today by calling 210-342-3400 and scheduling a free consultation.

Sources:

https://money.usnews.com/money/personal-finance/articles/2013/01/18/surviving-the-emotional-toll-of-bankruptcy

https://www.forbes.com/sites/entrepreneursorganization/2014/08/21/4-tips-for-coping-with-the-emotional-cost-of-bankruptcy/