Bankruptcy Isn’t The Source of Stress

31 Jul Bankruptcy Isn’t The Source of Stress

My friend Jay Fleischman is on point that our clients filing bankruptcy are stressed.

Let me suggest that the cause of the stress is not “filing bankruptcy” but 1) the situation that lead to the decision to file; 2) fear of the unknown, fueled by bad information and unsupported assumptions about the process; and 3) self inflicted moral judgments.

Debts cause stress

Unmanageable debt is enormously stressful, and most people struggle mightily before even considering filing bankruptcy.

They suffer with a situation that is beyond them for months or years before seeking professional advice. They are stressed before I ever see them.

Bankruptcy seems like more stress

Clients know what is it like to be in debt; they don’t know how “bankruptcy” operates.

They assume that it has to be as painful and shameful as their present situation. Then they go on the internet to do some “research” and find bad, incomplete or simply inapplicable information, and they fret some more.

Not paying your debts

Finally, most clients want desperately to pay back what they owe.

When they acknowledge they simply can’t do so, they beat themselves up mentally as failures.

Bankruptcy discharge can energize

Bankruptcy lawyers keep a running list of famous people over the centuries who have filed bankruptcy. Most were successful again after their bankruptcy filing.

Forgiveness of debt is just as empowering as other forms of forgiveness. It frees the debtor from stress, distraction, and worry.

I tell clients they can make themselves feel as bad as they want to about filing bankruptcy, but it isn’t necessary or right.

They usually come around to my way of thinking.

San Francisco Bay Area Bankruptcy SpecialistCathy Moran helps individuals and small businesses in Silicon Valley with their bankruptcy issues . She can often be found on Google+ and on Consumer Ledger, where she shares information about consumer protection issues and personal finance.

Image courtesy of Flickr and Eltman.

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Cathy Moran, Esq.

I'm a certified specialist in bankruptcy law (California State Bar Board of Legal Specialization) practicing in the San Francisco Bay Area for more than 30 years. In addition to practicing bankruptcy law, I train new practitioners at Bankruptcy Mastery.
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