Filing for bankruptcy can be an emotional event, in addition to resulting in a hit to a person’s self esteem. Sense of self, worth and identity are frequently tied to a person’s financial status. Filing for bankruptcy can diminish someone’s confidence and even make them question their ability to handle money properly in the future.
In today’s society, the pressure to maintain a lifestyle that appears to be filled with fancy possessions can actually have a dramatic consequence on a person’s wellbeing. Interpersonal doubts can arise for those who file for bankruptcy. However, there are ways to cope with this event and view your future with a new lens perspective. If you ever need legal advice, contact an experienced bankruptcy lawyer Phoenix, AZ relies on as soon as possible to ensure you are taking proper steps in your case.
Deal with Practical Realities
Filing for bankruptcy may seem like a failure, but is actually a resource to getting someone back onto their feet. Bankruptcy can help prevent a person from feeling as if they are swimming in a sea of debt without an end in sight. A greater sense of control and confidence can increase as finances get organized.
Learn from the Experience
Take the necessary steps to secure a more financially stable future. Learn from this mistake and truly reflect about what habits or decisions led to the bankruptcy. Adding on additional expenses are not recommended while going through bankruptcy. Some people choose to seek professional assistance by consulting with an attorney. Many law offices offer an initial no-cost session. This can be a great way to get some introductory help, without attorney costs piling up.
Learn to Attach Self-Worth to Non-Material Things
There can be too much emphasis on maintaining happiness through material things. The message that we need stuff in order to be happy is often sent through television, social media and relationships. However, through learning to enjoy the simplicity of life and that monetary value is not essential to experience joy, is a great perspective that can head anyone in the right direction following bankruptcy.
Allow Emotions to Be Felt in a Healthy Way
For someone who has filed for bankruptcy, there may be intense feelings of depression, irritability, loss, shame and sadness. These emotions are only temporary. Find support through loved friends and family to get through this time. Participate in healthy outlets for stress including exercise, journaling, mediating and organizing.
Practice Self-Compassion & Patience
Filing for bankruptcy may feel like the world is ending, however it can be a fresh start and act as a reset button. Being patient and practicing self-compassion can take off some of the emotional weight. A person is not a failure because they filed for bankruptcy, it means they are making a decision that will lead him or her into a new direction.
Learn New Skills
Learn from behaviors that contributed to the current financial challenges. Get advice from those of financial security in how monetary stability can be achieved. During this time, focus on building skills that can prevent from going backwards.
Thank you to Kamper Estrada, LLP for providing their insight and authoring this piece on filing for bankruptcy.