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Bankruptcy Can Cause Emotional Stress Even As Financial Woes Ease

Posted on in Bankruptcy

When people become overwhelmed by their debts, they often turn to bankruptcy for much-needed relief. Even as they gain a fresh financial start, however, the bankruptcy process and its aftermath may take an emotional toll that can be difficult for families to overcome.

As a recent U.S. News & World Report article discusses, financial troubles often bring about feelings of depression, grief, and shame in families who have been attempting to fight off creditors in the wake of a job loss, unexpected medical event, or other personal catastrophe. While it might seem that bankruptcy would drive away some of those feelings, that is not always the case. To some degree, American society still places a stigma on those who end up in bankruptcy court, no matter how commonplace the phenomenon has become. As a result, people still tend to worry about how their families and friends will view their bankruptcy filing, the degree to which their credit scores will suffer, and the possibility that bankruptcy will not completely cure their financial problems.

Particularly in the case of Chapter 7 bankruptcy filers, who seek to completely discharge their debts and liquidate all non-exempt assets to pay off creditors, the stress and negative emotions that occur when filing for bankruptcy can be very overwhelming. Experts say that when filers begin to experience these emotions, they are completely misguided and viewing bankruptcy in the wrong light altogether. Instead of ruminating about their financial devastation and viewing bankruptcy as a temporary or ineffective fix, they should instead focus on their ability to make a fresh financial start without past debts clouding their lives. Credit scores will drop significantly, but the damage is not permanent; in ten years, provided that filers change their financial habits, their credit scores will recover. Likewise, if filers choose the appropriate form of bankruptcy that best fits their situations, the likelihood is that the bankruptcy proceedings will take care of the majority, if not all, of their financial problems. Bankruptcy is a viable option for virtually anyone who is experiencing financial problems.

If you are experiencing the stress of overwhelming debts and creditors who are clamoring to be paid, bankruptcy may be the solution for you. Contact your Arlington Heights bankruptcy attorney today for a comprehensive evaluation of your financial situation, and learn how bankruptcy can bring you the financial fresh start that your family needs and deserves.

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