Top 4 Ways To Deal With The Stress Of Bankruptcy

30 Jul Top 4 Ways To Deal With The Stress Of Bankruptcy

If you’ve discovered that your debt has become unmanageable, and you don’t see any way out of your financial situation, you may be considering bankruptcy. That’s probably not what you want to happen, but sometimes there’s no other way out of your financial troubles.

That doesn’t mean, however, that going through the process is stress-free. Your case may be simple, but let’s face facts – you’re going to need to bare your financial world to a complete stranger (your lawyer). That stranger is going to file court papers detailing your troubles, and you’re going to need to sit in front of a trustee to talk about it.

I don’t judge my clients because I know how easy it is to run into trouble financially. The trustees don’t judge you because they’ve seen the situation thousands of times as people appear in front of them. That doesn’t make it any less stressful for you, though – you’ve never been through this before.

Here, then, are some techniques you can use to reduce your bankruptcy related stress.

First, it’s important to understand that the effects of bankruptcy won’t last forever. Sure, it’s embarrassing to declare bankruptcy, but a few years from now, it won’t have much of an impact on your life at all. You’ll be able to get credit cards (usually within the first year), buy a car, and even purchase a home.

Think of it this way – if you chose to hang on to your debts, where would you likely be three years from now? Unless you receive a windfall, you’d probably still be dealing with the stress of trying to pay off your debts.

Second, ask a friend or family member if you can vent about your financial situation. Most people will not judge you, and will be glad to lend a sympathetic ear – you might discover that people close to you have dealt with similar difficulties. Talking about your stress can be a good technique for clearing your mind, so you can deal with your bankruptcy more calmly.

Third, get a plan together for your finances after the bankruptcy. You’ll feel much better about discharging your debts if you have developed a strategic plan for rebuilding your credit and your savings. If doing this yourself seems a bit overwhelming, talk to a financial counselor – he or she can help you chart a path to financial stability.

Finally, take some time away from the situation. This might not be the right time for a Mediterranean cruise, but a night at the movies, a walk in the park, or even an evening talking with a friend can help ease your mind.

Jay S. Fleischman is a bankruptcy lawyer helping people in Los Angeles and New York City get smart solutions to bill problems. Find him on Google+ or Twitter to connect and get some terrific information about personal financial issues.

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
No Comments

Sorry, the comment form is closed at this time.