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How to Cope With the Emotional Aspects of Bankruptcy November 29, 2019

Chelsea, Manhattan
How to Cope With the Emotional Aspects of Bankruptcy, Manhattan, New York

Bankruptcy is a valuable legal tool, giving struggling borrowers the ability to shed unmanageable debt and start their lives over. While filing for debt relief can be a positive step toward regaining financial control, people often find the experience overwhelming and emotionally draining. Handling the emotions bankruptcy might bring is an important step toward putting your life together and moving on.

4 Ways to Handle Emotions Associated With Bankruptcy

1. Accept the Reality of the Situation

Many bankruptcy petitioners try to hide their financial situation from others or try to convince themselves that there may be other options. Once you’ve fully accepted that bankruptcy protection really is the best choice, you’ll be ready to start getting your finances back under control.

2. Don’t Suppress Your Emotions

Bottling up and suppressing the emotions triggered by bankruptcy can lead to stress, anxiety, and frustration later on. For your own mental health, deal with these emotions as they arise by talking with your spouse or partner, a close friend, or seeking professional help.

3. Look to the Future

bankruptcyInstead of focusing on the financial pressure you’ve been under and the experience of filing bankruptcy, concentrate on the second chance you’ve given yourself. With a blank slate, you’ll be able to set up a savings account and achieve personal, financial, and career goals. 

4. Start Managing Your Finances

Taking steps to reclaim your finances and start rebuilding your life will give you a newfound sense of control, which can be refreshing after feeling overwhelmed by debt. Start by setting a household budget, come up with a long-term plan, and start working toward the goals you’ve had to put on the back burner, such as purchasing a new car or enrolling in classes to gain a degree or certification. 


 

Since 2006, We The People of NY has helped borrowers throughout the city navigate the complexities of the bankruptcy process. Their professionals will prepare the documents you’ll need to help you get your life back on track. The legal document preparation practice offers services in a variety of fields, including divorce, name changes, and wills. Browse their website to learn more about their bankruptcy document preparation services or call (212) 633-2200 to schedule an appointment. 

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