Bankruptcy can take more than a financial toll on an individual. There are often many psychological stressors that go with it. When people lose their most valuable assets they’ve spent decades obtaining, it can have a devastating impact on their well-being.
However, those who are facing bankruptcy should know there are things they can do to help them grapple with the emotional stressors of financial loss.
Confronting the emotional turmoil
Here is how people can cope:
- Allow time for grieving: Losing assets can sometimes feel like losing a loved one, which may mean those filing for bankruptcy may be going through the five stages of grief. Before one can adequately deal with the feelings incurred from bankruptcy, one must accept them first, which can help them feel better in the long-run.
- Talk to a close friend/family member: Those going through the bankruptcy process may have had talks with attorneys and creditors, negotiating how they will make their payments. Those discussions can be productive, but people should also talk with their closest friends and family members, as they can provide the assurance they need to move forward.
- Exercise regularly: Going through bankruptcy can be stressful. Luckily, physical activity is a healthy and affordable option to increase endorphins and boost mental well-being.
Starting over can be a smart option
When people owe massive amounts of debt, bankruptcy can give them a chance to start over, which can make them better financial planners in the future. Floridians considering filing for either Chapter 7 or Chapter 13 bankruptcy may want to contact an experienced attorney. They can help them evaluate their options and work out a payment plan that fits their financial circumstances.