Emotional Effects Of Bankruptcy

Money makes the world go around and without it, we are limited.   Additionally, we often and unconsciously allow money to define who we are.  In our society, money equals success and without it, many feel like their lives are lacking.  Money is essential when purchasing our everyday, basic needs like food and housing, but when people have freedom with their spending, lifestyles become more extravagant and expensive.  While many are able to keep up with their spending, others fall behind causing mountains of debt.

Debt can be prevented and managed if it is dealt with early, but sometimes debt becomes so overwhelming that many individuals have no other option than to file for bankruptcy.  Bankruptcy leaves many feeling emotionally, down on their luck.

Life’s not Over, It’s just Bankruptcy

If you have examined all of your debt resolution options, you may be facing bankruptcy as your best option.  While bankruptcy is not a good choice, for everyone in debt, it can help others get a hold of their finances (Note: Bankruptcy should not be viewed as a clean slate kind of option).  Unfortunately, bankruptcy often has a stigma attached, making many feel like they have failed.  Additionally, people who file for bankruptcy may feel as if they have lost everything, literally and figuratively, as some may also be struggling with marital problems, health conditions or unemployment.

Financial issues typically cause stress; according to the American Psychological Association, 8 out of 10 Americans consider money issues to be their number one stressor. Once someone has filed bankruptcy, their stress level may be at an all-time high.

You may be suffering from Emotional Stress if

Financial issues can lead to numerous emotional problems, often leading to physical stress, affecting one’s overall wellbeing.  Some warning signs of emotional stress may include:

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–          Overeating or consuming unhealthy foods or a loss of appetite

–          Frequent headaches, muscle tension, neck or back pain

–          Upset stomach (in worse case, ulcers and other digestive issues)

–          Dry mouth

–          Chest pains

–          Difficulty falling asleep or sleeping soundly or through the night

–          Fatigue

–          Weakened immune system, frequency of colds

–          Memory issues, scatter brained

–          Irritability or having a short temper

–          Anxiety or depressions

If you exhibit any emotional stress signs, it’s important that you assess your financial situation, as well as take control of your overall wellbeing.  While many people in debt seek financial counseling, they fail to take care of themselves.  As hard is it may be, it’s vital to take care of yourself.  Whether it means seeking professional medical help or taking up a healthy hobby, caring for your emotional wellbeing is in your control, even when your finances are not.

Money Doesn’t Buy Happiness

It’s important that someone, who has filed for bankruptcy, doesn’t dwell too long on the fact that bankruptcy was the only option.  In order to get past the emotional distress of bankruptcy it’s important to remember and know that bankruptcy may change your life, but life will go on.  Hopefully, you will learn from the experience, gain a different approach towards finances, and learn how to let go of financial stress.  Remember, money can’t buy happiness.  Only you can be in control of your own happiness.

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