There are a lot of things that go through your mind when you have to file for bankruptcy. The emotional effects of the process are one of the aspects of bankruptcy that you might not be prepared to deal with.
There are several reasons why your emotions come into the picture when you file for bankruptcy. Understanding these reasons might help you to learn how to cope with the situation.
The uncertainty is one of the things that you might have trouble coping with. Even though you know what to expect, it might still be difficult to handle. For example, you know that your credit score isn’t high and you are now trying to determine how you are going to get things you need, like a new vehicle. This might make life difficult.
The loss of your full financial freedom might be another factor that can lead to negative emotions. This would be the case if you have to enter into a repayment plan that requires you to make regularly occurring payments. You might be on a shoestring budget for a while until the bankruptcy is completed.
Social changes from the effects of the bankruptcy might also occur. The lack of money to do things, as well as the social stigma that still surrounds this useful tool might combine to make things more difficult on the social front.
All of the emotional effects of bankruptcy can make learning to live your new life more difficult. You can’t let these overwhelm you, so take the time to work through the feelings and move on toward your positive new life.
Source: FindLaw, “Surviving the Emotional Effects of Bankruptcy,” accessed May 16, 2017