Financial stress is difficult to deal with under any circumstances. Once a person realizes that they can’t possibly cover their bills on their income, they may look for ways to decrease those bills or increase their income. This isn’t always easy.
For some people, mounting debts become far too high for them to take care of. They may decide that they need to file for bankruptcy protection. This is a legal avenue that can help them to get a fresh financial start, but it’s one that comes with a host of emotions.
From relief to shame to fear
One of the first emotions a bankruptcy filer may feel is relief because they know they’re taking a big step in reclaiming their financial stability. They know they won’t have to worry about creditors harassing them and they’ll be able to pay necessary bills a little easier.
At the same time, they may feel shame that they can’t cover their debts on their own. It’s important to remember that bankruptcy isn’t anything to be ashamed of. It’s a legal avenue that allows people to get rid of debts, and it’s often the most responsible option for some filers.
Some filers feel worried or frightened because they think about what life would be like if they got back into the same financial situation. Fortunately, filers go through credit counseling and go through a debtor education course to help minimize the chance of the same thing happening again.
Anyone going through bankruptcy must understand the process since knowledge may relieve uncertainty. This includes learning about their responsibilities and the benefits of filing.