Bankruptcy is a challenging time because you likely realize that you need to do something to take control of your finances, but you also know that you can’t afford to pay the debts you have and stay afloat. Once you decide to file for bankruptcy, you will likely start to experience a host of emotions.
Some people aren’t prepared for the roller coaster of emotions that comes with bankruptcy. Understanding some of these may help you to prepare for them, so you can handle them in an effective manner.
Roller coaster of emotions can come with filing bankruptcy
You’ll likely feel relief that you were able to take a legal step to regain control of your finances. That feeling may be intensified by the fact that the court issues the automatic stay that forbids creditors from being able to contact you.
It’s possible that you may feel shame or upset that you had to file. In many cases, the need to file isn’t due to fault of your own. Uncontrollable factors, such as medical conditions or changes in income, are sometimes factors in these cases.
As the bankruptcy progresses, you may start to experience joy and excitement. These are usually because you realize that you can rebuild your financial stability once the bankruptcy is over.
Filing for bankruptcy is a financially responsible decision for many people. If you’re considering this option, be sure you work with someone who can assist you with learning your rights and responsibilities so you can work through the process together.
