Despite its many benefits, filing for bankruptcy is a practice that’s highly stigmatized. As a result, it’s common for people to feel overwhelmed after tackling their debt head-on. While it’s natural to feel this way, it’s important to be proud of taking a responsible approach toward debt management. If you’re planning on pursuing bankruptcy or have recently filed, here are a few ways you can cope with the negative feelings that the experience can trigger.

5 Ways to Cope When Filing for Bankruptcy

1. Know the Prevalence

If you feel like bankruptcy is a rare circumstance, it’s actually not the case. In 2019, more than 750,000 non-business bankruptcies were filed. Filing is also something that affects all different types of citizens, including those at varying income levels. Knowing that so many other people are affected by and overcome this problem can serve as inspiration that you can do the same.

2. Take It as a First Step

For some, filing for bankruptcy is the last of many financial challenges. But instead of taking this perspective, it can be much more empowering to see filing as the first step toward a better financial future. With the most challenging step behind you, you can focus on looking forward.

3. Focus on the Relief

Liquidating assets to cover debts and taking a hit on your credit report can make bankruptcy feel like a major loss. However, bankruptcy also allows you to get rid of high interest rates and never-ending calls from creditors. Focusing on these gains can be a good reminder of why filing was necessary.

4. Remember Credit Is Repairable

Having a low credit score after bankruptcy can make it difficult to repair your finances, but it’s not a permanent problem that you should dwell on. Depending on how you file, this consequence will only affect you between seven and 10 years. During that time, you can take small steps to repair your score and restore your creditworthiness.  

5. Mind Your Mental Health

Financial stress and mental health conditions often go hand-in-hand. If you’re facing severe or worsening depression, mood changes, anxiety, or behavioral issues, it’s best to consult with a trusted doctor or counselor about your concerns and how to better address them, such as by entering a therapy program.  

Filing for bankruptcy can be challenging, but it’s not something you have to do on your own. Instead, you can turn to the bankruptcy attorneys of Greene Law PC for comprehensive legal advice. Well-versed in filing procedures, this Hartford County, CT, firm will provide guidance at every stage of the process to ensure your matters are handled fairly per Connecticut law. Visit the firm online to learn more about their practice areas or call (860) 676-1336 to schedule a consultation with a caring lawyer.