People filing for bankruptcy might assume that they will feel elated when they get their case filed. While that might be the initial and primary feeling, a host of emotions come with filing for bankruptcy protection.
It’s best to be able to prepare for every aspect of bankruptcy, including the emotional effects you’ll probably feel.
Put it all in perspective
One thing that might help you as you go through this is to remember that bankruptcy is a perfectly legal tool that people can use to get out of insurmountable debt. Many people who file for bankruptcy do so after something they can’t control happens. This is often a job loss or illness that makes it hard to make ends meet financially.
Get your plan in place
The uncertainty that comes with filing bankruptcy is often a new source of stress for filers. You can avoid this by setting up your plan for recovery. You know that you can’t obtain new credit while you’re in the midst of bankruptcy, but you can start finding places where you can grow your creditworthiness once your bankruptcy is discharged. You can also use this time to finetune the budget and become accustomed to living on less than you earn.
Lean on your support system
Having a sound support system is essential when you file for bankruptcy. You need people you can count on to talk to you through rough times. Family members and close friends with whom you feel comfortable sharing your struggles can be valuable now.
Making sure you understand the bankruptcy process, including the limitations of filing, can help you as you go through it. Working with someone familiar with cases similar to yours may reduce your stress.