• Tips on Dealing with Emotional Effects of Bankruptcy

Lowered self-esteem, self-loathing, anxiety, and loss of identity — These are among the things that debtors experience when filing for or on the cusp of bankruptcy. One’s financial status is often tied to their sense of self-worth and stability, so when the bank account or business takes a massive hit, the debtor could face emotional turmoil.

We at Sherman Law Firm, however, always tell our clients that bankruptcy is not the end of the world. In fact, it could be the breath of new life that you need. Aside from being your legal aid in filing for bankruptcy, we also offer professional advice and guidance when dealing with its actual effects. Here are a few tips on how you can deal with the emotional toll bankruptcy brings.

Find Ways to Be Productive.

Bankruptcy does not mean that you have to put your life on pause. On the contrary, we often advise our clients to get up and hit the ground running. Have a solid, doable list of things to do, i.e. gathering the necessary documents and filling out all the paperwork. Take things one step at a time. Give yourself daily goals to fulfill and at the same time do your best to still meet your daily obligations. Having a small accomplishment everyday helps you feel more productive and combats the feeling of loss or anxiety you might be having.

Acceptance is Key.

Before you can move on and start a new life, it is crucial that you also accept the feelings that come with bankruptcy, which might include sadness, grief, anger and even guilt. A lot of people try to suppress or bury their negative emotions, but this is not considered healthy. Allow yourself to feel the loss without becoming resigned. Once you have accepted that filing bankruptcy is your only choice, you can start looking forward to what will come next.

Stay Positive.

We know, this is easier said than done. In the months of filing for bankruptcy it is normal for you to doubt yourself, feel ashamed of your debts, and regret about your losses. However, you always need to return to this simple idea: After bankruptcy, you will have a new life. You will become financially independent and open to new opportunities in the future. To help you stay positive, consult you’re your bankruptcy attorney and start creating a solid financial plan for the next few months and years.

You Don’t Have to Face Bankruptcy Alone.

Hiring a bankruptcy attorney is not required, but it can make your life a lot easier. Having legal assistance means ensuring that nothing is left unfinished, all the requirements in court are settled, and always having someone for legal advice. Friends and family can also help in giving you the emotional support you need. There is also engaging in healthy activities i.e. yoga, regular exercise, and dieting.

Visit our blog again to learn more about bankruptcy and dealing with its aftermath. For a more comprehensive legal advice, please call us here at Sherman Law Firm, P.C. and schedule a free consultation today. We currently cater to individuals, families, and businesses in the Fort Worth and Bedford, Texas area.