CC Brown law – Handling the Emotional Effects of Bankruptcy

CC Brown law Handling the Emotional Effects of Bankruptcy

In general, the Filing bankruptcy can, without a doubt, stir up many negative emotions. A debtor's sense of self, identity, and worth are often closely tied to their financial circumstances. The Loss of money can thus be experienced as a loss of identity, self-esteem, and confidence. We live in a society in which image is important and lifestyle is seemingly defined by possessions. Money can be viewed as a powerful currency not only in a purely economic sense but also in relationships, and thus a real or perceived loss of interpersonal power can ensue when bankruptcy is filed.

Generally, these emotions can help disentangle the practical realities of money from the possibly destructive or limiting emotional responses to a bankruptcy filing. In this economy, filing for bankruptcy has become quite common. The American Bankruptcy Institute reports that there were 1,165,172 consumer bankruptcy filings during the first nine months of 2010 nationwide, which represents an 11 percent increase from 2009. Bankruptcy rates are expected to stay elevated through the end of the year. While some may find comfort in numbers, others are still coping with the emotional toll that the decision to file for bankruptcy that can entail.

The Financial stress can lead to a host of problems, including shame, depression and anxiety. These issues can cause problems in individuals' relationships with other people. As society often places a significant emphasis on money and material goods, individuals who file for bankruptcy may feel like their worth is based on how much money they have. So, Filing for bankruptcy could cause their self-esteem to fall easily.

Also, many might feel the need to hide the fact that they are filing for Bankruptcy from their closest friends and family. However, dealing with financial stress in isolation can cause even more suffering. Depending on support from social networks during a difficult time will help individuals to work through their emotions.

According to the psychologists, most of the men might be more affected than women because they feel they are responsible for providing financially. Women, on the other hand, are more likely to reach out to family and friends to deal with the strain. So, some ways to cope with the financial stress and the emotional effects of bankruptcy will point out some of the positive emotions that can accompany filing for bankruptcy.

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