Coming to terms with pervasive financial problems, for many, means declaring bankruptcy. No one arrives at this decision lightly, in spite of the widely-held belief that bankruptcy is an easy way to turn your back on financial responsibilities. If you find yourself at the point of desperation, bankruptcy may be the answer to your problem, but dealing with the emotional ramifications of this decision can be challenging. If you are to turn bankruptcy into a positive step in the right direction, you should be prepared for the emotional ups and downs that may follow the filing. Read on for help in coping with the emotional aspects of filing for bankruptcy.

Feelings of Relief

Initially, you will likely utter a great sigh of relief once you have met with your bankruptcy attorney and began the bankruptcy process. Simply being able to instruct the collection agencies to call your attorney will bring some peace and allow you time to plan for a better financial future. Underlying this feeling, however, are feelings of despair and confusion. You will be asking yourself how you allowed your finances to get so out of control and what defect in character caused your financial meltdown.

How to Deal

It's very normal to feel a wide array of conflicting emotions during the bankruptcy process; you can expect to experience problems sleeping, appetite changes, anxiety, depression, embarrassment, anger and more. It's important to note that how you deal with these emotions that can make the difference between the potential negative experience of bankruptcy and a positive learning opportunity.

  • While you may be feeling alone, isolated and ashamed of your financial status, you should realize that you are very far from alone. In fact, some 936,795 people, just like you, filed for bankruptcy protection in 2014. While you may not know other bankruptcy filers, they are literally everywhere around you.
  • Don't beat yourself up over your financial missteps. Instead of spending valuable time feeling sorry for yourself, take steps to understand how to budget and use credit wisely, and realize the importance of putting aside money for emergencies. Your children can learn valuable lessons about money management at the same time that you do, paving the way for them to avoid making your mistakes.
  • While some of the debt obligations that led to your bankruptcy may have been beyond your control, such as an unexpected medical issue, many issues were no doubt avoidable. Take this time to look back at how you allowed your debt to pile up and come up with a game plan to ensure that it never happens again.

Take care of yourself during this stressful time and allow your bankruptcy attorney to set the stage for a better financial situation for your future. For more help, contact a representative from a firm like