Michael J. Logan, Ltd.

How to cope with the emotional toll of bankruptcy

Many Americans deal with bankruptcy every year. In 2016, nearly 800,000 individuals filed for bankruptcy, a majority of which were Chapter 7. 

While many people focus on digging themselves out of a financial hole, it is just as important to ensure you are okay emotionally. People naturally go through many emotions when dealing with financial hardships, and it is important for you to take care of yourself so that your mental health does not degrade during this time. 

Build a support network

When you deal with financial specialists, you can expect to get help regarding your money. However, these people are not going to be there for you when it comes to venting feelings. Make sure you have a support group of friends and family members who will listen to you. Have a team of people you can trust. Getting a chance to actually talk through your feelings can be extremely therapeutic. Although you do not have to rely on a therapist, many people do choose this option. 

Know your feelings are natural

When going through bankruptcy, many people feel scared, anxious or angry. All of these are natural, so do not deny them or try to push these emotions away. Allow yourself an opportunity to feel sad. If you want to cry, then cry. Once you accept these feelings, you can then move on to the next stage. 

Understand that bankruptcy is for the best

Bankruptcy is a scary word to a lot of people. However, it is an opportunity to get out of extreme financial debt and move on with life. It is certainly a taxing time, but you should view it as a chance to get out of a hole. As long as you follow the terms of the bankruptcy precisely, then within a few years, you can start rebuilding your fiscal profile. 



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