Filing bankruptcy can provide a much-needed fresh start. Until applicable debts are discharged, though, it’s natural to stress about your financial situation. It’s also natural to worry about facing more insurmountable debt in the future, especially if the scenario that ultimately led to the bankruptcy was out of your control, like a medical emergency. If you keep the following strategies in mind, though, you can overcome the stress of filing with ease. By keeping a clear head, you can make the most of your clean slate.

How to Cope With the Stress of Bankruptcy 

1. Talk to Those You Trust

Opening up about financial struggles can be challenging, but discussing your situation with those closest to you could provide considerable relief. Close friends and family members will provide love, support, and encouragement when you need it most. You may even learn that one of them has also declared bankruptcy. At the end of the day, speaking with people who know you best will remind you that there's more to life than your net worth.

2. Devise a Reasonable Budget

When a particular situation is causing you stress, combat it by taking control. When it comes to filing bankruptcy, you must devise a financial recovery plan. You’ll have to undergo credit counseling before filing, but it may also be helpful to sit down with a financial advisor and determine the best way to proceed, given your particular circumstances.

3. Take Care of Yourself

It’s easy to fall into a depression when facing some kind of failure, and most people would consider bankruptcy a failure. In reality, it simply means your expenses exceeded your income for a certain period. If you can't get out of the failure mindset, though, consider talking to a professional. Your physical health and mental state are closely linked, so you must address them both. This includes eating well, exercising daily, taking time out to relax, and participating in hobbies that you enjoy.

If it’s become apparent that filing bankruptcy is the best way to regain your financial footing, turn to the Law Office of James B. Mallory III. Operating out of Statesville, NC, this firm is led by a seasoned attorney who has nearly 30 years of experience in debt counseling. James assists clients with Chapter 7 and Chapter 13. To start on the path to financial freedom, request a consultation online or call (704) 872-1911.