20 Nov How To Deal With The Emotional Tolls Of Bankruptcy
Filing for bankruptcy can be an emotional event. Not only are you going to be paying off the debt you’ve owed for so long, but the court will be digging deeper to find things you may have forgotten about. This means you’ll need to be prepared to handle whatever gets thrown your way.
If you aren’t emotionally ready for the ups and downs of the bankruptcy process, it’s probably going to hurt.
Here are a few ways you can prepare yourself mentally and emotionally before you get started.
Don’t Think Too Much
Being at peace with filing for bankruptcy is the most important thing you can do. You have to come to an agreement with yourself that this is the right decision for you and your family, or you and your business. If you fail to acknowledge what’s happening until it’s too late it can become overwhelming.
While bankruptcy isn’t the end of the world it’s definitely not something you want to play around with. You only want to file for bankruptcy as a last and final resort. If you think filing for bankruptcy might be where you need to head make sure you’re one hundred percent sure.
Before filing for bankruptcy try and see if there is anything else you can do to pay off your debt. If there is then do it. If you see no other option then filing for bankruptcy might be your next step.
There will come a time during the bankruptcy process that your stress levels will be high. During this time you can reassure yourself by knowing this was the right choice for you. If you’re having second thoughts before starting the process you might want to talk to a financial professional.
They will be able to answer any questions or concerns you might have. Then you can determine if there is a solution less drastic to get your financial issues resolved.
Keep Calm And Keep Moving
Everyone handles life events differently. While some will be able to approach the process with a clear head and see it through others may get swept up in the emotional aspect.
Filing for bankruptcy is a process that can dredge up a lot of buried issues. It’s a process that can turn you and your spouse or business partners against each other. For the best possible outcome it’s important you don’t let this happen.
If you find yourself getting angry, hurt, or depressed take a step back. Analyze the situation and see if there is a different approach that isn’t as stressful.
When you use your head instead of your heart to make decisions you’ll end up with a clearer solution. High stress times can bring out anxiety, depression, and sleep loss. Make sure you take breaks from the process and get your mind off of the situation.
Go out for dinner or see a movie. Make sure you get enough sleep and eat the proper amount of meals so you’re able to stay in the right mindset.
It’s not healthy to dwell on negative situations. It will only hurt you and those you care about in the long run.
While the entire bankruptcy process won’t be stressful there will be parts that make you question yourself. When you see the initial amount of debt you’ve been ignoring, or you get your payment plan you might have second thoughts.
Remind yourself why you filed for bankruptcy in the first place and keep your eye on the end goal. Believe it or not around the corner of this massive financial decision will be debt free days, months, and hopefully years to come.
If you stick to your plan and see out the bankruptcy you’ll be able to reap the benefits. The repercussions of a bankruptcy will stick around for while. This doesn’t have to be a bad thing.
If you know filing for bankruptcy was the best choice then you’ll get the most out of a successful filing.
Here at Bolinkse Law we know filing for bankruptcy in Minnesota can be a stressful and emotional process. That’s why we try our hardest to make it as easy as possible for you.
We’d love to have the opportunity to sit down with you and go over your options as far as filing for bankruptcy goes. The smoother the process the quicker you can move on with your life.
Contact us here or give us a call at (952) 294-0144.