Many New Yorkers spend years, even decades, struggling to claw their way out of debt. It can be a brutal fight, forcing people into second or third jobs, requiring them to cut costs related to necessities, forcing them to forego needed medical care, and leaving them struggling to find a way to cope with the emotional turmoil caused by it all.
Although there isn’t much you can do about what you’ve already gone through, you can choose to take action now to alleviate your overwhelming debt. For many, the best way to do this is to pursue personal bankruptcy. While this process might be able to help you shed debt and claim a fresh financial start, the thought of it often leaves people with anxiety and stress.
How to deal with the mental aspects of bankruptcy
Many people view bankruptcy as a sign of failure, but this is far from the truth. Hardworking and honest people like you fall on hard times and need help. So, one way to alleviate the anxiety and stress caused by your debt problems is to recognize that this process exists to help people like you, not to punish them.
Here are some other tips to help you navigate the challenges you may be facing:
- Talk to your significant other: Financial woes are a major cause of divorce and other relational strife. If you want to prevent bankruptcy from disrupting your relationships, then you should have open and honest conversations with your loved ones about what your financial position is and how bankruptcy can help. Then, set realistic expectations moving forward so that everyone is on the same page.
- Create a budget: A lot of the anxiety and stress caused by the bankruptcy process is tied to uncertainty. People who seek bankruptcy often worry about what the future will look like and how they’re going to make ends meet. By creating a budget, though, you can give yourself some comfort and guidance, as you’ll know exactly where you stand from a financial perspective, and you’ll know how you’re going to survive post-bankruptcy.
- Seek support: Although you might be able to talk about your financial hardships with your spouse or significant other, you might need additional support. Consider seeking out a mental health professional to help you navigate the complex emotions that you might be feeling so that you can comfortably and confidently move through the bankruptcy process and secure the new beginning that you deserve.
- Learn to let go: A lot of people who seek bankruptcy have a deep seeded sense of shame and guilt. But you can’t go through life blaming yourself. The circumstances that led to your current situation may have been outside of your control, meaning that there may have been nothing you could’ve done to avoid your debt crisis. So, instead of focusing on blame or regretting the past, try to focus on moving forward and building the post-bankruptcy life that you want.
Learn more about how bankruptcy can help you in your time of need
We know that the thought of filing for bankruptcy can be scary and overwhelming. But the process might offer you the relief that you’ve been looking for all these years. That’s why you shouldn’t let your fear paralyze you into inaction.
Instead, you might alleviate your concerns and grow comfortable with your prospects by educating yourself more about the bankruptcy process and what it can and can’t do for you. That way you gain a firm understanding of your options and can make the fully informed decisions that you think are right for you. Hopefully, then you can develop a strategy that sets you on the path to the financial freedom that you want.