If you are in debt, you know the kind of stress and anxiety it can cause. If you have thought about filing for bankruptcy, you are one of many ready to take charge of your finances and move forward.
According to the United States Courts, in 2020, bankruptcy filings in the U.S. totaled 544,463. Although filing bankruptcy can be helpful overall, you should prepare yourself to effectively cope with the emotional stress it can create.
1. Talk to a professional
Talking to your friends and family about your financial situation may help ease your feelings of trepidation and anxiety. But if you need additional help coping with the bankruptcy process, reach out to a therapist who can provide you with strategies and ideas for moving forward.
2. Set up a financial plan
At some point during the bankruptcy process, think about your financial goals and budget for the future. Putting a stable financial plan in place can help you take full advantage of the fresh start filing for bankruptcy provides.
3. Stay physically healthy
Your physical health can impact your emotional wellbeing. Try to get enough sleep, eat a healthy diet and get adequate exercise as you go through bankruptcy proceedings.
Bankruptcy can be both a stressful and beneficial life event. Acknowledge that you may experience a wide range of emotions as you go through the filing process. Finding ways to cope with your emotions during this time can help you make effective decisions and feel good about your decision to file.