3 tips for coping with the stress of bankruptcy

On Behalf of | Feb 16, 2022 | Bankruptcy, Blog

Divorce, job loss, a chronic illness or another unexpected life situation can make it harder for you to stay on top of your finances. Because of this, you may find yourself dealing with significant debt and considering the bankruptcy process.

Many people file for bankruptcy every year, and the U.S. Courts states that in 2020, bankruptcy filings in the U.S. totaled 544,563. Even though bankruptcy is common, you may still struggle with the stress of this process. These strategies can help you cope and move forward.

1. Develop a financial plan

During the bankruptcy process, sit down and think about your finances. Set financial goals for your future in addition to creating a budget. This will help you prevent financial issues once you complete the bankruptcy process.

2. Come to terms with the situation

Acknowledge that bankruptcy is a stressful life event. Although you may experience feelings of guilt and frustration, remember that these emotions are a normal part of going through bankruptcy. Let yourself work through these feelings, so you can start moving forward financially.

3. Talk to someone

You may feel embarrassed about your choice to file bankruptcy. Although you may want to hide this from your friends and family, it can be helpful to talk through the situation with your loved ones.

Even though bankruptcy can bring on some emotional stress, remember that this period of your life will not last forever. Making your mental and emotional health a priority at this time can help you reduce your stress and feel better about the future.

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