Why Filing for Bankruptcy Can Benefit Your Physical and Mental Health

 Posted on October 13, 2022 in Effect Of Bankruptcy

If you are struggling with a large amount of debt, you might be considering filing for bankruptcy. While this decision should not be made lightly, it is important to know that bankruptcy can provide numerous benefits that affect multiple aspects of your life. In addition to providing financial benefits by eliminating debt and ensuring that you will be able to meet your ongoing needs, bankruptcy can also benefit your health in a variety of ways. Here is a closer look at how bankruptcy can help you both physically and mentally:

Reduce Stress and Anxiety

One of the main benefits of filing for bankruptcy is that it can help reduce your levels of stress. Debt can be a heavy burden to carry, both emotionally and financially. According to a study conducted by the American Psychological Association, nearly two-thirds of adults in the United States say that money is a significant source of stress in their lives. This is an even more prominent issue for people with lower incomes, and nearly three-fourths of people with household incomes of less than $50,000 per year report that money is a significant source of stress.

If you are in debt, you are more likely to suffer from anxiety and depression, especially if you are struggling to make ongoing payments. Constant calls from creditors and the possibility of foreclosure, repossessions, or wage garnishment can increase these issues significantly. The good news is that filing for bankruptcy can provide some relief from this stress by giving you a fresh start. Once debts are discharged through bankruptcy, you will no longer have to worry about creditors calling or the threat of legal judgments seeking to collect what is owed. This can help you sleep better at night and feel more relaxed during the day.

Improve Physical Health

Stress can also take a toll on your physical health. Studies have shown that stress can cause or exacerbate various health problems, such as heart disease, high blood pressure, ulcers, migraines, gastrointestinal issues, and even diabetes. Stress can also lead to headaches, muscle tension, fatigue, sleep disorders, and other health issues. If you are struggling with debt-related stress, you may find that your physical health improves after you file for bankruptcy. This is because once your debts are discharged, your stress levels will be reduced significantly.

Eliminating debts may also benefit your physical health in other ways. With more financial resources available to you, you may be able to afford better, more nutritious food. You may also have more time and energy to focus on exercise and physical activity, and this can not only help you maintain good health, but it can benefit your mood as well.

Boost Your Confidence

Another way that bankruptcy can improve your health is by improving your confidence levels. When you are burdened by debt, it is easy to feel like you are not in control of your life. This can lead to feelings of low self-esteem and worthlessness. Once you have completed the bankruptcy process and emerged debt-free, you will likely feel like a weight has been lifted off your shoulders. This newfound sense of freedom and control can do wonders for your self-confidence, enabling you to succeed in your personal and professional life.

Contact Our New Braunfels Bankruptcy Lawyer

If you are struggling with a large amount of debt, filing for bankruptcy might seem like a daunting prospect. However, bankruptcy can provide some real benefits, and in addition to protecting your financial future, it can improve your physical and mental health. If you are considering your options for debt relief, be sure to talk to a qualified Boerne bankruptcy attorney who can help you determine the best way to proceed. Call the Law Offices of Chance M. McGhee at 210-342-3400 to set up a free consultation today.

Sources:

https://www.apa.org/news/press/releases/stress/2020/report-october

https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/stress-symptoms/art-20050987