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3 tips for coping with the emotional difficulties of bankruptcy

Declaring bankruptcy does not only impact your finances–it also affects your emotions. You may feel guilt while you are facing financial difficulties. If you are experiencing shame, frustration, stress, anxious or sadness because of your bankruptcy, you are not alone.

While virtually everyone who files for bankruptcy experiences some sort of emotional distress, you do not need to drown yourself in shame for making this decision. It does not need to have a devastating influence on your mental health. Here are some ways to emotionally cope with bankruptcy.

1. Face your feelings

Getting into a financial mess may make your mind a mess too. In order to make it through bankruptcy, you may need to go through the stages of grief. You should try your best to accept your feelings. Once you come to terms with your negative emotions, you can start letting go and thinking more optimistically about your future.

2. Surround yourself with support

You need all the assistance you can get to manage the aftermath of bankruptcy. Not only do you need a good attorney and financial advisor, but you also need to talk to trustworthy friends and family members. Find someone in your life who will let you vent and give you some advice. You may even consider seeing a mental health professional if you are really struggling.

3. Remember it may be your best option

Keep in mind that you may be making the best decision by filing for bankruptcy. When debt is piling up and you are at risk of losing your home or car, there may be nowhere else to turn. There is a reason that the process of bankruptcy exists. Do not beat yourself up for pursuing the most viable solution to financial recovery. 

Do not just focus on getting legal and financial help when you declare bankruptcy. Make sure you are taking care of your mental health too.

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