The decision to file for bankruptcy is one that usually comes after considerable thought. It may take a while to realize that no matter how you try to alter the budget, there’s just not enough money to pay all the bills.
Some people who file for bankruptcy are surprised at the range of emotions they feel as they’re going through the process. Knowing what you may face before you file may make it easier to handle these emotions as they come up.
Shame and sadness
In the past, having to file for bankruptcy was considered shameful. That’s not the case now. It’s now recognized that filing for bankruptcy is a legally acceptable manner to get out of debt so you can be responsible for your finances. Many people who file for bankruptcy were being responsible but fell victim to conditions they couldn’t control. You may also feel sad that you’re having to file, but you should focus on moving forward.
Relief and hope
Once you realize that this is your chance for a fresh financial start, you may feel relieved that you don’t have to deal with the collection attempts any longer. This can lead to a sense of hope that you will be able to build a strong financial future.
Because filing bankruptcy can be stressful, it’s best to work with someone who’s familiar with the process. They can help you to learn about your rights and responsibilities during the bankruptcy. This may help you to feel more in control and comfortable, which can make it easier to handle your emotions.