After Bankruptcy: What's Next?
If you've finally come to terms with your financial problems and made the tough decision to declare chapter 7 bankruptcy, you are likely dealing with some emotional fallout. In spite of a widely-held belief that people who declare bankruptcy are irresponsible and lazy, most people think long and hard about this major legal move before they take that step to file. It's not easy to admit that your financial situation has gotten so far out of control, and you know that the financial ramifications of a federal filing can continue to affect your for years to come. If you take the right approach, however, you can turn this move into a positive, Read on to learn more about dealing with the after-effects of a chapter 7 bankruptcy filing.
Some Peace at Last
In many cases, you have likely been encountering an almost steady stream of calls and letters from bill collection agencies. Additionally, the strain on the budget from having to make those minimum credit card payments can cause you to juggle your bills endlessly. Those two problems will disappear with a chapter 7 filing, and you can heave a big sigh of relief and get some peace once again. You will also find some easing in your budget woes, allowing you to use your funds for more important needs, like food and housing.
Dealing With Emotions
Along with those feeling of relief, however, may be other conflicting emotions. You may notice that your mood is irritable and that you are experiencing trouble sleeping. Often, you may feel guilt, shame and embarrassment and feel very isolated and alone. It may help you to know that you are not alone, many people have the need to file for bankruptcy, just like you. $819,159 people in the U.S. filed for bankruptcy in 2016.
Take Positive Action
In addition to seeking professional therapy if your temporary feelings become more pervasive, you can take action to turn your financial situation around. Doing so will not only give you some immediate feelings of progress, but could help ensure that you won't' end up in dire financial straits again. For example:
- Examine the reasons for your financial problems and take steps to make it better.
- Put money aside for emergencies and future large purchases, instead of using credit cards.
- Use credit wisely by paying off your monthly debts.
- Learn to budget and stick to it.
Speak to a bankruptcy attorney to learn how to get started on your own fresh start.
