We have discussed a lot of bankruptcy issues in this blog. Since we have discussed the financial implications, we need to talk about the emotional aspects of bankruptcy. The truth is that while bankruptcy can provide a lot of relief from financial strains, it can also have a big impact on you emotionally. Our Florida readers might be interested in learning about some of these emotional impacts.
You will likely go through a wide range of emotions as you go through the bankruptcy process, even if you are doing it to stop a foreclosure. You might feel ashamed of having to file for bankruptcy. You might feel angry about having to file bankruptcy. You might feel sad that you are filing bankruptcy.
As you go through those emotions, you will learn how to cope with bankruptcy. You will likely learn how to detach yourself from material wealth. You might learn how to handle your finances if you go through a rocky time again. All of this can help you to feel more in control of your finances.
One big emotional impact that you might notice as you come to terms with your bankruptcy is a sense of empowerment. You might notice that some relationships become stronger and others become more distant because you are unable to keep up with a former lifestyle. This might help you to learn to stand on your own.
You can take proactive steps as you go through the bankruptcy process by learning how it will all affect you. In some cases, knowing what to expect might make it easier to deal with the process.
Source: FindLaw, “Surviving the Emotional Effects of Bankruptcy” accessed Jan. 21, 2015