Surviving the Emotional Effects of Bankruptcy
Are you considering filing for Chapter 7 or Chapter 13 bankruptcy? Call the law firm of McElroy & Associates in Memphis at 901-881-8730 or complete the online form. We offer free initial consultations with a knowledgeable bankruptcy attorney.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
In the past, you probably never imagined that you would one day file for bankruptcy. However, you are not alone. The lawyers at McElroy & Associates have helped countless individuals and families escape financial distress and make a fresh start.
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impacts on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney at McElroy & Associates in Memphis, Tennessee, can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.
Filing bankruptcy can stir up negative emotions
Filing bankruptcy can, without a doubt, stir up many negative emotions. A debtor’s sense of self-worth is often closely tied to his or her financial circumstances, particularly among business owners. Loss of money can be experienced as a loss of identity, self-esteem and confidence. We live in a society in which image is seemingly bought through possessions, so money can be viewed as a powerful currency not only in a purely economic sense, but also in relationships. A real, or at least perceived, loss of interpersonal power can occur when bankruptcy is filed.
Understanding these emotions can help disentangle the practical realities of financial difficulties from the potentially negative or even destructive emotional response to bankruptcy.
At times of significant loss, people tend to feel that their entire foundation has been shaken and that their most fundamental sense of security has been disrupted. They question their trust in themselves, in others and in the world at large. Although it may be natural for many to bury these frightening emotions, bringing core insecurities to a conscious level can actually reduce fear and the feeling of being out-of-control, which enables individuals to start tackling their situations constructively.
Speak to a bankruptcy lawyer
Objectively, bankruptcy might initially seem negative, but it has been the pathway to a fresh financial start for countless people and businesses over the years.
In addition, the counsel of a seasoned bankruptcy attorney at McElroy & Associates in Memphis, Tennessee, can see a debtor through the tough times and guide him or her to a brighter financial future.
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.