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3 ways to cope with your bankruptcy emotions

On Behalf of | Apr 29, 2019 | Bankruptcy |

As you know, living can be extraordinarily expensive. If you have a mortgage, a car payment, student loans, consumer debt and outstanding medical bills, your financial liabilities may be downright crippling. Fortunately, there may be a way for you to regain your financial freedom.

Filing for bankruptcy is often an effective way to manage debt. If you have more bills than you can reasonably pay, considering bankruptcy protection may be right for you. Of course, bankruptcy often comes with a variety of emotions. While it is perfectly normal to feel anxiety, sadness or even shame, you do not want your feelings to derail you from making smart decisions. Here are three effective ways to cope with your bankruptcy emotions:

1. Understand your situation 

Denial often leads to procrastination. Nonetheless, the longer you wait to come to terms with your financial situation, the worse it may become. As such, you must try to understand your situation. If you have burdensome debt, exploring your bankruptcy options likely makes sense.

2. Get some help 

You likely have many interests, passions and talents. You probably do not, though, spend your free time reading through the bankruptcy code. While you do not have to be a bankruptcy expert, you must recognize that there are many bankruptcy myths online. Instead of believing untrustworthy information, ask someone who knows about bankruptcy to review your situation.

3. Take care of your mental health 

Finding a way out of your financial quagmire is only part of the equation. You also must address your mental state. If you experience depression, anxiety or other mental health issues, schedule a meeting with a qualified therapist. Or, join a support group. While your debt likely will not last forever, you must safeguard your long-term mental health.

Filing for bankruptcy is not right for everyone. Nonetheless, pursuing bankruptcy protection may be the best way to manage your debt. By taking a proactive approach and caring for yourself, you can likely emerge from bankruptcy in a better place.