People who realize that they’re drowning financially generally need to figure out what options they have to regain control of their financial situation. One option is to file for bankruptcy.
If you’re in this position, you may think that bankruptcy will result in nothing except happiness; however, it might surprise you to know that you might also experience other emotions. Being ready for a couple of the major emotions you’re likely to experience may make it easier to cope with them.
Relief
You’ll have a chance to breathe without having to deal with constant harassment from creditors. The automatic stay enables you to do things like check your mail or answer the phone without worrying that a creditor is trying to get money out of you. The relief you feel might also be because you don’t have to worry about paying off your debts since they’re covered in the bankruptcy case.
Uncertainty
The uncertainty that you might experience when you file for bankruptcy likely stems from the thought of trying to rebuild your finances after the bankruptcy. In the past, you likely relied heavily on credit; however, you’ll have to rely primarily on your income until you’re able to rebuild your finances. The debtor education course that you take can help provide you with the tools you need to do this.
Some people who need to file for bankruptcy might be unsure about what the process entails. Working with someone who can help you to learn about your responsibilities and rights may make it easier for you to make a decision that’s in your best interest, and to process that decision in healthy ways accordingly.