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Surviving the Emotional Effects of Bankruptcy


Filing for bankruptcy causes a negative emotional reaction in most individuals. People often will suffer a decrease in their self-esteem as a result of financial difficulties.  It is important for a debtor to understand that having to file for bankruptcy is often the result of major change of financial circumstances outside of the debtor’s control.  Factors such a divorce, job loss, illness, disability, a business failure or general money mismanagement can cause someone’s finances to become unmanageable.  Financial issues can affect anyone at any time.  It is not a personal failure.

The fresh start provided by a bankruptcy discharge can alleviate a debtor of the financial strain caused by their debt. Many successful individuals have bankruptcies in their past.

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