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How To Deal With Emotional Aspects of Bankruptcy - Part 2

In our last blog post we discussed how dealing with financial difficulties or filing for bankruptcy can be emotionally distressing for some. Many people never imagined that they would find themselves in such a difficult position, and may experience shame, anxiety or depression over the situation. Today we will discuss some tactics for dealing with these negative emotions.

When you find yourself experiencing extreme financial hardship, it is easy to dwell on past mistakes and what you could have done differently if you only had known how the situation would transpire. However, focusing on past mistakes will not help you in the present. Acknowledge your mistakes and move on. Remember that most people experience financial setbacks in their lives.

That said, you must not place the blame for your financial situation on everyone but yourself. If you do not acknowledge your financial missteps, you are much more likely to repeat them in the future. Be honest with yourself, acknowledge your weaknesses and learn from your mistakes. Doing so will help to ensure that you avoid making these mistakes again.

If you feel depressed or shameful about your situation, remember that you are not alone. Many people are enduring similar difficulties in this economic climate. Also, remind yourself that even the best people can fall on hard times, and it most certainly does not mean that they are bad people. In fact, most millionaires experience several major financial setbacks before they find financial success.

Although your financial situation might make you feel like you do not have control of your life, focus on the power you have to make changes. If you qualify for a Chapter 7 bankruptcy, you have the opportunity to obtain a fresh financial start without debt. Even if you choose not to file for bankruptcy, you still have the power to change your financial habits.

Finally, it is important to note that many people actually have a positive emotional experience after filing for bankruptcy. When debt collectors stop calling and they no longer need to agonize over how they will pay their creditors, many feel great relief and happiness. While everyone's experience will be different, it is important to acknowledge your feelings and deal with them in a healthy manner.

Source: EmpowHer "How Can Bankruptcy Affect Your Mental Health? Psychologists Offer Coping Strategies," Rheyanne Weaver, 20 October 2010

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