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Preparing for the emotional impacts of bankruptcy

On Behalf of | May 16, 2024 | Bankruptcy

Having more bills than your income can handle is a hard position to be in. With the difficulties that are increasingly common because of the current economic dip, you may find that you have to do something to reclaim your financial stability. One option for this is filing for bankruptcy. 

While you may think that relief is the only emotion you’ll feel during bankruptcy, that’s not necessarily the case. Preparing for these emotions can help you to handle them as they come up. 

Emotional rollercoaster

You may feel like you’re on an emotional rollercoaster during some parts of the process. Because you can’t rely on credit to cover expenses any longer, you’ll have to learn how to live on only your income. This can be scary at first because it’s such a big adjustment. 

During this time, you may have to cut back on some of the things that you used to do. For example, you may not be able to eat out as often or might have to stop going out often. While those sacrifices are challenging, remember that they’re necessary so you can reach your goal of a fresh financial start. 

You may also feel joy from knowing that you’re handling things in a responsible manner. As you go through credit counseling and debtor education that are required, you may start to feel reassured that your financial situation is truly changing for the better and that you’ll be able to keep them up long-term. 

The emotional ups and downs are challenging enough on their own. It might be possible to reduce some of the uncertainty by working with someone familiar with these matters because they can explain your responsibilities and the process to you.