For many people, the period leading up to filing for bankruptcy is filled with stress and sometimes fear. Once they decide to file, those emotions may shift to shame and guilt. There’s often a feeling of failure because the person couldn’t cover their bills, even if the bankruptcy was the result of something they couldn’t control, such as divorce, job loss or medical bills.
Some people worry about how others will perceive them because they had to turn to bankruptcy for financial relief. They may think that their loved ones will judge them. These negative emotions are normal and understandable, but it’s important that anyone in this position realizes that bankruptcy is a legally accepted method for handling debts.
Look for the positive emotions
Bankruptcy is a time for the filer to reclaim their financial future. Filing bankruptcy often brings considerable stress relief once the case is filed. This is partially because the filer has the benefit of the automatic stay that forbids creditors from trying to collect the debts.
As the bankruptcy moves forward, the person may start to feel hopeful about the future. Taking the debtor education class that’s required can help them to learn more about using credit responsibly, which can help considerably as they rebuild their finances.
Working with someone who’s familiar with bankruptcy can help filers throughout the process. It’s critical that anyone filing for bankruptcy provide comprehensive and accurate information so their case isn’t delayed or thrown out by the court.
