How to Handle the Emotional Stress of Bankruptcy

Dealing with your emotions is a necessary part of recovering from bankruptcy.

Although bankruptcy can provide relief from creditor phone calls and letters, it can take a toll on your emotions. If you have decided that bankruptcy is your only option for dealing with debt, you may experience a variety of negative emotions, including guilt, shame, unworthiness, blame and anger over your financial situation. These emotions can interfere with sleep, personal interactions, work performance and personal health. However, simple strategies can help you cope with emotions during and after personal bankruptcy.

Instructions

1. Acknowledge that bankruptcy is a stressful event. You may feel guilty for allowing your emotions to interfere with your life; however, they are a normal part of the bankruptcy process. Permitting yourself to acknowledge negative emotions is necessary for letting go and starting a new financial life.

2. Develop and maintain an exercise regimen. Exercising at least 30 minutes each day can help you maintain your health during stressful times, and may improve the production of neurotransmitter chemicals that improve your mood. Exercise also gives you a break from the emotional stress of worrying about your financial future.

3. Talk with trusted friends or family members about your financial situation and the emotions you experience. Hiding your emotions from the people who care about you only creates more stress in your life. Simply talking about your feelings and experiencing the understanding of others can help you detach and let go of negativity surrounding your bankruptcy.

4. Seek professional help, particularly if you do not have close friends or family members you can talk to about your emotions. A counselor who specializes in financial stress-related issues can act as a sounding board, and can provide you with tips and strategies for coping with your emotions.

5. Talk to your doctor if you experience prolonged negative emotions or depression as a result of your decision to file bankruptcy. Your doctor may prescribe medication on a short-term basis to help you cope with difficult emotions.

6. Develop a financial plan and set financial goals. Bankruptcy gives you a fresh start without the pressures of dealing with creditors, and putting a financial plan in place can help give you hope for your future life after bankruptcy.

Tips & Warnings

• Ask friends or family members to refer you to people who have experienced bankruptcy. Talking to people who share similar experiences can help you understand that you are not alone in your stress, and hearing stories of people who have built solid financial lives after bankruptcy can give you hope for the future.

• Contact your doctor or a crisis center immediately if you experience thoughts of suicide or harming others as a result of your bankruptcy experience. You may require hospitalization or intensive treatment to facilitate your emotional recovery.

References

• "Survival 101"; Edward L. Anderson; 2010
• National Bankruptcy Forum: Five Ways to Deal with the Stress of Bankruptcy