4 Ways to Handle Emotions Associated With Bankruptcy

1. Accept the Reality of the Situation Many bankruptcy petitioners try to hide their financial situation from others or try to convince themselves that there may be other options. Once you’ve fully accepted that bankruptcy protection really is the best choice, you’ll be ready to start getting your finances back under control.

2. Don’t Suppress Your Emotions Bottling up and suppressing the emotions triggered by bankruptcy can lead to stress, anxiety, and frustration later on. For your own mental health, deal with these emotions as they arise by talking with your spouse or partner, a close friend, or seeking professional help.

3. Look to the Future Instead of focusing on the financial pressure you’ve been under and the experience of filing bankruptcy, concentrate on the second chance you’ve given yourself. With a blank slate, you’ll be able to set up a savings account and achieve personal, financial, and career goals. 

4. Start Managing Your Finances Taking steps to reclaim your finances and start rebuilding your life will give you a newfound sense of control, which can be refreshing after feeling overwhelmed by debt. Start by setting a household budget, come up with a long-term plan, and start working toward the goals you’ve had to put on the back burner, such as purchasing a new car or enrolling in classes to gain a degree or certification.