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4 good tips for handling the emotional side of bankruptcy

A business bankruptcy is not just a black and white process of filing documents and making your way through the necessary steps. The prospect of having to shut down your company can be devastating from a purely emotional point of view.

The emotional side of bankruptcy can be damaging to your mental health, your personal life and the business relationships you still maintain. Here are four tips for dealing with your emotions:

1. Accept the way you feel

In losing your business, you may find that it is rather like losing someone you love; you will likely go through the standard stages of grief. You may want to keep your negative emotions hidden because they take your mind away from work you need to do. Instead, accept your feelings of anger and sadness. This is the first step on the way to more positive thinking.

2. Depend on a team

One of the sad things about losing your company is that you may have to let employees go. However, you may be fortunate in this regard. You may be eliminating people who are or have been a drag on the business, and retaining only those who still believe in you and the possibility of recovery.

3. Talk it out

You undoubtedly speak with your attorney and perhaps a finance professional about your bankruptcy, but add trusted friends and family members to the list. You need to talk to people with whom you are comfortable sharing your thoughts. Do not feel you would be burdening them, and do not be ashamed to ask for help. Remember that these people truly want to be part of the team that supports you.

4. Realize you made a good choice

If you fought to keep your business afloat, you know it was an exercise in futility; there was no end to the struggles. In choosing to file for bankruptcy, you are not giving up on a sinking ship, you are finding the path to a fresh start. Do not let your emotions get the upper hand. Take steps to deal with them, because you are about to improve your quality of life.

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