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Dealing with the emotional side of bankruptcy

On Behalf of | Sep 4, 2014 | Commercial Bankruptcy |

There is no doubt that deciding to file for bankruptcy protection is a major life event, whether it is a business bankruptcy or a personal bankruptcy. That’s why the process has emotional and personal consequences as well as financial ones.

Recently, this issue was highlighted by Forbes in a column that provided a few helpful tips. First, the column advised to accept the negative feelings that may come along with bankruptcy. In some cases, you can expect to go through the traditional stages of grief before coming out on the other side.

Next, the column said that it is important to acknowledge that bankruptcy is the best option in some situations. Instead of feeling bad about having to resort to bankruptcy it’s better in some cases to admit that bankruptcy was the best way to move forward. Advice from a skilled bankruptcy lawyer can help you make this decision.

Finally, the column suggested seeking professional help if you need it. Chances are that you sought an experienced lawyer to help guide you through the legal bankruptcy process, and you might also want to consider finding a professional to help you deal with the emotional side of bankruptcy as well, such as a licensed therapist.

If you cannot afford a professional therapist at this time, you can turn to family, friends and other peers for support. Instead of hiding your emotions or ignoring them, they key is to share your feelings with those you trust. You might worry about being a burden, but chances are your loved ones will be happy you opened up.

While bankruptcy can be a trying time, it’s important to remember to lean on the positive people in your life and know that you will come out on the other side.


Watch Attorney James Miller on the Morning Blend as he discusses his new book, The Secrets About Bankruptcy They Don't Want You To Know.

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