Emotions of Bankruptcy
When financial issues arise, it can bring about a flurry of emotions. You may feel ashamed as to the status of your financial situation or angry that you have medical bills piling up or that you lost your job. You may feel sad or extremely depressed based on your financial situation. Whatever the case may be, you are going to experience a range of emotions, especially if you decide to file for bankruptcy. Learning the emotions associated with bankruptcy will help you to be prepared to deal with the feelings involved and see the bright side of filing for assistance.
The emotions of bankruptcy can easily be compared to the five stages of grief as associated with the loss of a loved one, a divorce, change in employment status, dealing with a debilitating illness, etc. By recognizing these stages and learning how to cope, you will have a better chance of moving forward in life as well as within your finances.
The 5 Stages of Grief
Stage 1: Denial
This first stage if all about denial. You will put up this temporary wall of defense in response to your financial situation. You may tell yourself that everything is fine and that you will be able to get back on your feet. However, the financial strain continues to get worse and you will not find relief until you seek assistance from a bankruptcy attorney. By facing your situation head-on, you can get back on track financially.
Stage 2: Anger
The second stage involves anger. You may ask yourself why is this happening to you and try to find blame in someone else. The anger stage is when you move past denial and realize your situation more clearly. You may become angry and feel that life is not fair and lash out at loved ones or people you do not know. It is important to learn how to move past your anger and accept the situation, filing for bankruptcy and moving forward to begin anew.
Stage 3: Bargaining
This stage is when the individual tries to think of any way to bargain out of the situation. You may try to think of ways to get out of debt instead of using bankruptcy such as using all your life savings to pay off creditors or cashing in a 401K. This is most likely not the best solution. By working with the experienced bankruptcy attorneys at Notinger Law, we can help you to understand your situation better and find a solution that works, be it bankruptcy, work-outs, etc.
Stage 4: Depression
The next stage is when depression can surface, and you just don’t want to do anything to improve your situation. You may begin to feel that nothing you can do will alleviate your debt so why even try? When this happens, you need to learn how to accept the situation and look at the positive outcome. With a bankruptcy filing, you can reorganize your debt to be able to get a handle on your finances or you can find another solution to your situation. Look for the positives in the process to be able to move on.
Stage 5: Acceptance
In the end, you will finally be able to accept your situation and that with the help of our attorneys, you will be alright in the end. Understand that you cannot fight the process anymore and you might as well prepare for the situation. In this last stage, you are able to come to terms with your financial issues and see that bankruptcy will be the right solution.