Surviving the Emotional Effects of a Bankruptcy Filing

02 Nov Surviving the Emotional Effects of a Bankruptcy Filing

In a recent article Findlaw reminds us of the substantial emotional impact that a bankruptcy filing can have.  The article discusses how closely most people tie financial success to their own personal identity and sense of self-worth.  The filing of a bankruptcy is often viewed as a personal failure and conjures up many emotions.  As such, the many negative feelings that may be felt by debtors must be addressed in order for a debtor to move on to emotional and financial freedom following their bankruptcy.

In short, the article suggests that every debtor work toward the following six suggested goals in order to deal with any negative feelings associated with bankruptcy and move on with their lives:

  1. Learn from experience.
  2. Learn new skills to protect financial well-being.
  3. Learn to detach self worth from material wealth.
  4. Experience any negative feelings, rather than repress them, and do it in time to be able to let go of those feelings and move on.
  5. Let go of resentment and blame.
  6. Exercise self-compassion.
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