Surviving the Emotional Effects of Bankruptcy

No matter what circumstances ultimately led to filing for bankruptcy, both the practical and the emotional impact of your financial circumstances can be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation is essential to rebuilding and maintaining a successful financial life. Fred Walker can guide you through the complicated legal, financial, and emotional maze of bankruptcy and steer you in the right direction.

Filing bankruptcy can, without a doubt, stir up many negative emotions. A person's sense of self-worth is often closely tied to his or her financial circumstances. Most people's sense of identity, self-esteem, and confidence is tied to money. We live in a society where people tend to judge people according to their financial success. Money is a powerful currency both in a purely economic sense, and also in relationships, and thus a real or perceived loss of interpersonal power can ensue when bankruptcy is filed.

Understanding these emotions can help disentangle the practical realities of money from the possibly destructive or limiting emotional response to bankruptcy. To come to terms and deal constructively with the situation, we believe people experiencing financial distress should work toward the following goals:

  • Deal with practical realities. As you get your finances under control, you will experience a greater general sense of control.
  • Learn from experience. Take steps to ensure future financial security.
  • Learn new skills to protect financial well-being in uncertain economic times.
  • Learn to detach self-worth from material wealth.
  • Experience the feelings of loss, depression, anger, sadness, and shame, and in time be able to let go of those feelings and move on.
  • Release thoughts of resentment and blame.
  • Exercise self-compassion. Although for many filing for bankruptcy feels like life is over, it can be a fresh start in many respects.

At times of significant loss, many people feel that their entire foundation has been shaken and that their most fundamental sense of security has been disrupted. They question their trust in themselves, in others, and in the world at large. Although it is natural to bury these frightening emotions, bringing core insecurities to a conscious level can actually reduce fear and the feeling of being out of control, which enables individuals to start tackling their situations constructively. Fred Walker understands you are going through tough times, both financially and emotionally, and he is here to help.

Contact Me Today

Fred E. Walker is committed to answering your questions about Bankruptcy and Tax Resolution law issues in Austin, TX.

I offer a free debt relief consultation and I'll gladly discuss your case with you at your convenience. Contact me today to schedule an appointment.