Many people who are considering bankruptcy are solely focused on how much financial relief it will provide for them. They may not realize that they’re going to have to deal with some emotions during the process.
Whether you file a Chapter 7 or a Chapter 13 bankruptcy, you’re likely going to go through a range of emotions. Some of these are positive, but others aren’t. It’s best to focus on the positive side of the situation, but you’ll have to address the negative emotions so they don’t consume you.
Relief and joy
The relief of knowing that you’re getting a fresh financial start is one of the most amazing things that bankruptcy can bring. You won’t have to stay up at night wondering how you’re going to pay for credit card and medical bills. Part of the bankruptcy process involves creating a budget, so this will help you to feel more secure, which can also be a relief after a lot of time stressing about money.
Most people who file bankruptcy feel joy because of the automatic stay. They no longer have to worry about creditors contacting them to demand payment. You can check the mail and answer the phone without having to try to avoid creditors.
Shame and frustration
Some people feel shame about having to file for bankruptcy, but they don’t realize that this isn’t anything to be ashamed of. Bankruptcy is a responsible solution for someone who’s overwhelmed with debts. The majority of people who have to file are in debt because of things they can’t control, such as unexpected medical conditions or job loss.
Frustration is common because you can’t do all the things you want to do. You aren’t allowed to take on new credit when you file for bankruptcy, so you’re living only on your income. Thinking about having to rebuild your credit might also make you a bit frustrated.
One of the most important things you can do is to learn all you can about bankruptcy. Knowing what to expect can help you to feel less stress, so be sure to work with someone familiar with the process.