Bankruptcy is more than just a way to get rid of debt. While it can be an effective route towards being debt-free, nobody finds it easy to file for it. Bankruptcy means a loss of possession – something that may have taken you years of work to create or acquire.
For both business owners and individuals, filing for bankruptcy might be the most suitable way to solve or at least mitigate their financial issues. Even if it is done to address a bigger problem, bankruptcy can have shattering effects on the personal and psychological health of a person.
Such devastating effects can hinder you from adequately handling the matters concerning your business and even those personal such as family and relationships. Other personal issues present before the bankruptcy may worsen, taking a toll on your physical and mental well being. Dealing with life after bankruptcy is overwhelming; take these measures to protect and maintain your mental health.
Accept The Situation And Your Feelings
Losing a possession or business is similar to losing a loved one. This means you may experience the emotional phases of grief – denial, anger, bargaining, depression, and acceptance. While you may feel all these emotions, the last stage, which is acceptance, is the turning point that would allow you to deal with the emotional issues caused by bankruptcy effectively.
It is natural to feel negative emotions when dealing with bankruptcy, but denying such emotions will not help you overcome it. Accepting your feelings and the situation does not mean you are weak and that you choose to dwell in them. It takes strength to admit negative feelings. Acceptance allows you to let go and start to think hopeful thoughts.
Surround Yourself With People You Trust
In difficult times such as the life during and after bankruptcy, peer and professional support is needed the most. Especially in businesses who suffered bankruptcy, the number of staff may be trimmed down. If it is necessary to do so, make sure to surround yourself with people you trust and trust you in return and believe that the business will recover.
Negative people are detrimental not only to your business, but more so to your mental well being. Surrounding yourself with loved ones and staff who help you stand on your feet again is vital in maintaining your psychological health.
Talk To Someone
Opening your feelings up to someone you trust is essential not only to your emotional health but also to your physical wellbeing. Research shows that one of the major contributors to certain diseases such as heart attack is stress. Talk to your loved ones and friends about your feelings. But while they can give life advice and encouragement, it is also beneficial to consult with an expert about the life after bankruptcy, particularly in the areas of finances and credit. Not only will it help you deal with the situation, but it is also useful in your future transactions to make sure you will not have to undergo bankruptcy again.
Filing for bankruptcy is a tough decision but is sometimes the best option to choose. Facing and dealing with it can have devastating effects on your overall well being. Accepting your feelings, talking with someone, and surrounding yourself with people whom you trust and trust you are ways to keep you physically and mentally healthy. While recovering, gather up strength, skills, and wisdom to ensure you do not need to undergo such situation again.
Gail Wilson has more than 12 years of experience under her belt when it comes to business, which she is currently sharing with her clients and peers as part of Want a Fresh Start, LLC. She writes pieces on various law topics that she hopes could help the common reader with their concerns. A family oriented, Gail loves spending time with her husband and two sons during her free time.