The emotional fallout after bankruptcy is something few people discuss. The process and overall experience of bankruptcy is stressful. This stress from bankruptcy can leave you feeling depressed, ashamed and the resulting strain to your personal, social and professional relationship can feel unbearable. Dealing with this stress is no simple task, no matter how bad your personal finances were in the first place.
With credit collectors calling and making harassing threats and a pile of debt that never seems to go away, the prospect of bankruptcy might seem like the only humanly possible way to enjoy life again. Of course, it is recommended that all options are explored - including credit counseling and alternative repayment plans - before you decide on the bankruptcy route. If no other options available, then you should brace yourself for the psychological fallout that will result, the same fallout that nobody else is willing to tell you up-front. Note also that the stress from bankruptcy often will not appear until weeks and months after you have been discharged.
Since bankruptcy will not eliminate all debts, dealing with the fallout of bankruptcy often proves difficult and never-ending. Since bankruptcy gets recorded on your credit history for a period of up to ten years, it is not only nearly impossible to obtain credit, but potential employers are likely to conduct a background check before extending a job offer that can have a long-term, positive impact on your financial status. With a bankruptcy, securing that better job might become impossible.
If you are looking for ways to manage bankruptcy related stress, you can take a few steps. First of all acknowledge the condition as stressful. Some people may need medication to alleviate the mental pressure. Acknowledging the pain is important.
The next step is to communicate your financial conditions with people in your family and immediate circle of friends. Sometimes they may be able to help or provide emotional support. Talking about it will also help you better manage your mental state. If you can't talk to your spouse or friends, a counselor can always be found (for a fee) and you can talk to your heart's content. Point is, talk about it as this will help you rationalize the decision.
Another thing you need to do is prepare a financial plan. Following your bankruptcy discharge, you should consider your fresh start and put plans in place that will protect your finances (and emotional state) in the event you encounter difficulties in the future.
With the financial side of your life dealt with, look to optimize the non-financial areas of your life so that your mind and body are better able to handle stress. This might include adopting a healthier diet and becoming more active - diet and exercise are known to reduce stress levels. As well, consider reading non-finance related books and replacing them with motivational books instead.
In most cases, bankruptcy occurs due to avoidable circumstances. Only in some cases are the circumstances are beyond your control, but that is not something that can be changed following the discharge. With a go-forward attitude, you will realize that there is no point in blaming yourself or feeling guilty. Try your best to relax and to enjoy activities that you like now that you do not have bill collectors calling at all hours. - 32519
With credit collectors calling and making harassing threats and a pile of debt that never seems to go away, the prospect of bankruptcy might seem like the only humanly possible way to enjoy life again. Of course, it is recommended that all options are explored - including credit counseling and alternative repayment plans - before you decide on the bankruptcy route. If no other options available, then you should brace yourself for the psychological fallout that will result, the same fallout that nobody else is willing to tell you up-front. Note also that the stress from bankruptcy often will not appear until weeks and months after you have been discharged.
Since bankruptcy will not eliminate all debts, dealing with the fallout of bankruptcy often proves difficult and never-ending. Since bankruptcy gets recorded on your credit history for a period of up to ten years, it is not only nearly impossible to obtain credit, but potential employers are likely to conduct a background check before extending a job offer that can have a long-term, positive impact on your financial status. With a bankruptcy, securing that better job might become impossible.
If you are looking for ways to manage bankruptcy related stress, you can take a few steps. First of all acknowledge the condition as stressful. Some people may need medication to alleviate the mental pressure. Acknowledging the pain is important.
The next step is to communicate your financial conditions with people in your family and immediate circle of friends. Sometimes they may be able to help or provide emotional support. Talking about it will also help you better manage your mental state. If you can't talk to your spouse or friends, a counselor can always be found (for a fee) and you can talk to your heart's content. Point is, talk about it as this will help you rationalize the decision.
Another thing you need to do is prepare a financial plan. Following your bankruptcy discharge, you should consider your fresh start and put plans in place that will protect your finances (and emotional state) in the event you encounter difficulties in the future.
With the financial side of your life dealt with, look to optimize the non-financial areas of your life so that your mind and body are better able to handle stress. This might include adopting a healthier diet and becoming more active - diet and exercise are known to reduce stress levels. As well, consider reading non-finance related books and replacing them with motivational books instead.
In most cases, bankruptcy occurs due to avoidable circumstances. Only in some cases are the circumstances are beyond your control, but that is not something that can be changed following the discharge. With a go-forward attitude, you will realize that there is no point in blaming yourself or feeling guilty. Try your best to relax and to enjoy activities that you like now that you do not have bill collectors calling at all hours. - 32519
About the Author:
Chris Blanchet maintains a website that shows how people can get a fast home equity loan at the Home Equity Loan Site.org.
