How to Deal with the Emotional Stress of Bankruptcy
Filing for bankruptcy is not as easy as it may seem to some people. It means ending a chapter of your life for which you have worked for years or your entire life. Not to mention that bankruptcy is frequently a result of sickness, unemployment, or divorce. Even more, for some business owners, only the idea of considering bankruptcy can have a catastrophic impact on their lives and mental state. Therefore, learning how to deal with the emotional stress of bankruptcy is essential. Keeping a clear head can keep your personal and family life going in the right direction and even help you solve your financial problems and debts. So without further ado, here are some things to keep in mind if your business ends up on life support.
Accept what is coming.
Remember the classic stages of grief? Losing your business can often require you to go through them, as it can feel like losing a loved one. The essential part of grief that you need to get over, however, is denial. You need to allow yourself to experience all the negative emotions associated with bankruptcy, understand that you can get over what is happening to you, and move on with your life. After all, in many cases, filing for bankruptcy can have its benefits.
For instance, you will get to keep all your belongings, be rid of debt, and creditor harassment will stop. Furthermore, if you are concerned about what impact your filing for bankruptcy will have on your business perspective, you don’t need to worry. Nobody needs to know that you filed for bankruptcy and can always have a fresh start.
Sometimes, filing for bankruptcy is the only way to solve your problems. Therefore, accept what is coming and learn to deal with the emotional stress of bankruptcy.
Never underestimate the emotional stress level bankruptcy can bring
Stress can have a bad influence on your mental health and well-being. Furthermore, being under a lot of it for a long time can have disastrous repercussions. You might experience short-term memory loss, lose the ability to think clearly, or have problems communicating with people. Additionally, you might experience weight loss, insomnia, and even burnout. Unfortunately, that is not the whole extent of it. Sometimes, not dealing with the stress in your life can lead to additional problems that will go far beyond your financial issues as gravity. You can get seriously ill, physically and mentally, up to irreversible states.
However, you can avoid all this if you stay focused and reach out to those close to you. Talking with someone can be a great relief as you can express your feelings and fears freely. Furthermore, by discussing your problems with someone, you might realize that your situation isn’t that bad. Bankruptcy is quite common today, and lots of people went through it, overcame their situation, and even became successful afterward. Therefore, don’t keep everything inside. Talk to loved ones you trust or a therapist. Also, try reaching out to bankruptcy lawyers, as they can show you that there is light at the end of the tunnel.
Start planning your financial future.
Thinking bankruptcy is the end of your business plan or life is overrated. However, it is understandable when you look at all the myths regarding bankruptcy. For instance, some believe that if you file for bankruptcy, you will never get accepted for credit again. That couldn’t be more wrong. In reality, you can ask for credit a couple of months after your bankruptcy finalizes. Yes, you will probably have low limits and higher interest rates, but you can still build a healthy financial future.
Therefore, start developing a financial plan, make a budget, and set some goals. Start fresh without worrying about creditors, and create a stable life for yourself. However, move forward by making small but essential steps. For instance, don’t spend your money on renting office space. Instead, organize an office in your home and start working from there if you can. When you recover, make a profit, and become financially stable, move your office elsewhere. Find the best business moving company, as the experts from bestmoversinflorida.com recommend, and move all your business-related belongings to your new office. It will feel like a fresh start all over again.
After bankruptcy, not all is lost. Therefore, planning your future can help you deal with the emotional stress of bankruptcy and start a new life.
Have the professionals on your side
Filing for bankruptcy is never an easy decision to make. And it’s not a decision that others can make for you. As a result, having good advice can be essential. It can help you deal with the emotional stress of bankruptcy and see the light at the end of the tunnel.
Therefore, for starters, try talking to a financial professional. They can help you decide if bankruptcy is the solution for you and if you have a chance of recovery. Also, if you decide to file for bankruptcy, ask for further advice from bankruptcy lawyers. They can help you fully understand what bankruptcy means and guide you through all the steps you need to take. At the same time, never look at bankruptcy as a definitive failure. It’s hard to be successful without having to pass through some difficulties on the way. In reality, you need to see bankruptcy as an opportunity for a fresh start.
Make an effort to thrive after bankruptcy.
We hope that now you understand that bankruptcy isn’t the end of the line. However, if you want more than just to survive bankruptcy, some tips can help you. For instance, remember that you sleep depending on how you make your bed. The meaning? All the expenses that you have after bankruptcy need to be well calculated. For example, if you purchase with your credit card, put the amount in a separate account and pay the bill the following month. That is a healthy habit that will prevent you from accumulating debt.
At the same time, think about downsizing. As previously suggested, move your office to your home or find a cheaper place to live. For instance, if you think about relocating long-distance to Florida, you can let experts help with this task. They can do the job quickly and safely and have you relocated in no time so that you can start your business right away. Not to mention that you can find professional movers that can make you good deals within your budget.
Try to learn from your mistakes and take bankruptcy as an experience. That will make you a better businessman in the future
The bottom line
If the stress of bankruptcy overwhelms you, talk about it with trustworthy people, experts, and even your attorney. Bankruptcy might feel lonely, but the fact is that you are not alone. And, you don’t have to deal with the emotional stress of bankruptcy by yourself. Bankruptcy may be a stress-relieving experience if you prioritize your mental health and stay busy.
Freire & Gonzalez is an attorney’s office where the attorneys are involved with their clients from beginning to end. You, as the client, will not be passed off to secretaries or paralegals like at other bankruptcy law firms. The attorneys will meet with you, will return your phone calls, and will answer your questions. We provide services in English and Spanish.
Our lawyers will answer any bankruptcy questions you might have during the free consultation. To request a free consultation, please contact us at 305-826-1774. Please browse through our website, read our bankruptcy FAQ, and see if our firm can help you resolve your financial issues. Contact Us at our locations: