Personal Feelings During Bankruptcy
Bankruptcy is more than just a financial situation. It can be a very emotional time; with feelings ranging from depression, intimidation, worthlessness and shame. The stresses both before and after can take a toll on your family relationships, health and emotional well being.
Filing for bankruptcy protection does not mean you are a failure. You may have had troubles with your finances, or job loss, or your spouse may have had medical bills that forced you into bankruptcy. Bad financial decisions should not reflect on your self-worth. You can always do better in life, and following your bankruptcy, you will need to make constructive changes.
Sadness and depression are the most common emotions that come into play when a person goes bankrupt. Feeling the the guilt about “going bankrupt” or grief for assets you might lose in the bankruptcy process is normal. You may also experience sadness or depression about not being able to live the same lifestyle you had been living before the the bankruptcy (i.e., having to move to a smaller home or cut down on trips, recreation, etc…). Just know that cutting back on your budget might be something you need to do in the process to get yourself in a more secure place, financially. Be sure to open up about your feelings with a family member, friend, clergy or professional counselor.
Try not to be intimidated by the bankruptcy procedure. Take things slowly. Be sure to attend to all the dates set by the court (for adding new creditors to your bankruptcy, for meeting with the judge, etc…) and your bankruptcy process can run as well as possible.
You need to think positively during this rough patch in your life. Concentrate your energy on how your mental and emotional health will perk up when you no longer have to worry about the bill collectors calling. Bankruptcy is a tool. You are using this tool to resolve your problem.
Shame and embarrassment are typical emotions to experience at this time. Even going to a bankruptcy lawyer for the first time can be uneasy. However, you need to keep things in perspective. You are not the first person to file bankruptcy, and you won’t be the last. Most importantly, you are taking action to rectify the problem.
Remember, failure in any area of life is only failure if you don’t learn from it. As long as you learn valuable lessons from your bankruptcy and apply those lessons to your life going forward, you have only experienced a setback, not a failure.
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