Adam Law Group Blog

Navigating the Negative Emotions of Bankruptcy

 

Not only is bankruptcy a financially difficult arrangement, it can also result in a number of negative emotions. While some people experience a period of relief after filing for bankruptcy because there are no longer creditors to harass them, other individuals can feel stressed out and overwhelmed by the complex legal process and the long time it can take to work through it. The following explores some tips for taking control of yourself and your emotions when filing for bankruptcy.

Take Control of Your Finances

After declaring bankruptcy, it can be a challenge for some to obtain financial stability. The best way to tackle the stress of managing your personal finances is to learn as much as possible. Bankruptcy is not designed to punish people, but instead it is meant to offer individuals the opportunity to rebuild their credit score and to regain control of their finances. Many people find financial success in slowly rebuilding their credit rating and creating a detailed budget for their daily expenses.

Understand Your Rights

It can be challenging to qualify for a loan or obtain other types of financial assistance after filing for bankruptcy. Filers may have questions about this and many other issues regarding their rights after declaring bankruptcy. If you are uncertain about what your rights are following bankruptcy, speak with an experienced bankruptcy attorney. An attorney can help you ensure that your bankruptcy is carried out according to your best interests and that you have the tools you need to protect yourself moving forward.

Protect Your Children

The bankruptcy process can be traumatic for children as well as adults. Unlike grown ups, however, children are often too young  and inexperienced to adequately navigate the complex issues involved in their families declaring bankruptcy. Because they do not understand what is going on, some children might fear the worst and be afraid that your family will end up homeless or unable to eat. Try to shield your children as much as possible from the bankruptcy process, but if your children approach you with concerns about your family’s financial future, address them openly and honestly.

Speak with an Experienced Bankruptcy Lawyer Today

The bankruptcy process can be complex and challenging, but it is not without its advantages. While it is true that you will be able to rebuild your credit rating with time after filing for bankruptcy, this can often take several years. If you need the assistance of an experienced bankruptcy attorney, contact the Adam Law Group today to schedule a free initial consultation.