Bankruptcy And Stress

When you begin the process of bankruptcy, you may think that you’re getting out of all of your problems and that afterwards, things will start over and you’ll have a fresh new start. Though this is true because most, if not all,  of your debt will be lifted and you’ll have the opportunity to live a debt free lifestyle, dealing with the emotional stresses that come along with filing bankruptcy can leave you in a dark place where you feel you have no place to go.  By dealing with the emotional stress correctly, you may be able to enjoy your debt-free lifestyle instead of worrying about all of the things that come along with it.

Obligations to Friends and Family

Often when one sinks into debt, they take a couple of people along for the ride – namely those who are closest to you.  Before turning to bankruptcy, most people choose to borrow money from friends and family in an effort to recover. When you file for bankruptcy, you may feel guilty or afraid because you know that means you can’t pay the people in your life back with money, and this may make them disappointed or upset with you.    Since repaying them prior to filing bankruptcy can result in severe consequences, including the relatives being sued to return the money you repaid them, they are often left “holding the bag.”

Here are some tips on how to repair those relationships.

Apologize. You can always start with an apology. Starting with an apology means that you sit down with your loved one and tell them exactly how you feel and what drove you to bankruptcy and that now you are recovering and will do everything in your power to make up the debt you owe them.

Offer your services. If you have a small business of some sort or are trained in a trade, ask them if you can help them in some way around the house or at their business. You can also offer services like cleaning and general maintenance to help quell the tension between the two of you.

Don’t get angry. Even if your loved one gets angry with you, don’t get angry back – it will only make things worse.  Allowing them to express how they feel through words or actions is the right thing to do. They will cool down eventually, and that’s when you can talk to them.

The Stress of the Process itself

The process itself of bankruptcy can be a difficult one emotionally.   Not only do you have to disclose every credit problem you’ve ever had, you have to discuss it all with a lawyer and have them write down all of your personal finances – and sometimes it takes more than one meeting. Bankruptcy can take awhile and cost some money too, and the entire process can be incredibly stressful.

The one thing you should remember while you’re going through bankruptcy is to breathe – it’s not the end of the world. You will, at the end of the process, be more adept at dealing with your financial burdens and decisions, and you can start living your life again in a way more suited to what you want.  Remember to always arrive on time to all of your meetings, dressed appropriately with all the needed paperwork in your hand – this will help reduce the stress of trying to figure out where everything is, and you’ll always look professional when you present yourself.  Obviously, selecting a caring and competent bankruptcy attorney will help with this process as well.

Make Sure You Talk About It

Although you may not be able to afford professional therapy to help deal with the stress of bankruptcy, you can always talk to friends and family members about the stress instead. They can also help you discover why you had to file bankruptcy in the first place so you don’t ever repeat the actions and have to do it again. You are losing something, and it’s painful – and speaking about it openly can be incredibly helpful in reestablishing stability and a stress free life, which is what you deserve after a bankruptcy.


About the Guest Author:   Elizabeth Roque is an in-house writer for She presents information about debt relief services, credit card debt relief and getting out of debt on a variety of financial sites online.


 Image Credit-Benjaminasmith