5 Emotions You’ll Feel When Facing Bankruptcy

When you’re drowning in debt, it can feel as though you’re on an emotional rollercoaster. You never considered you’d be in this situation, and it can be overwhelming to face the truth. Debt can seep into every aspect of your life, affecting your sleep, your relationships, your work, and more. You’ve likely realized that bankruptcy is your only option for a fresh financial start. As you face bankruptcy and go through the stages, here are some of the emotions you will likely feel.

1. Stress

At the start, you’ll likely feel an overwhelming amount of stress. You’ll jump when you hear the phone ring wondering that it’s the collections agency. You’ll have sleepless nights thinking about how much you owe. You’ll constantly worry about how you’ll pay your mortgage, pay your hydro bill, and buy your children new clothes. Stress, worry, frustration, and tension are natural emotions to feel when your life isn’t going the way you had planned and you’re facing financial turmoil. However, this heightened state of stress can make it more difficult for you to think clearly and come up with solutions to your debt problems. You don’t have to suffer alone. A bankruptcy trustee can take some of the burden off your shoulders.

2. Anger

Whether you’re angry at your bank for all the letters they send, at the creditors on the phone, at your employer for cutting your hours or letting you go, or angry at yourself for getting into this situation in the first place, this is a common emotion when facing bankruptcy. In fact, in this case, it’s known as debt-anger syndrome. It’s important to stop the blame game and realize that, at this point, it’s all water under the bridge. Now, you need to be looking at the future rather than the past.

3. Helplessness

A significant part of the reason why you might be feeling stressed out and angry is that you feel helpless. No matter how much you work or what you try to do, you can’t seem to get out of the debt cycle. Eventually, you’ll start feeling like your life will never get back to normal and there’s nothing else you can do. It’s important to note that there are no lost causes, and a bankruptcy can help you start over. Eventually, you’ll be able to get credit again and buy a smartphone and qualify for a mortgage. It just takes time.

4. Depression

When you feel helpless and hopeless, it’s easy to fall into a depression. This is a dangerous stage to be in since it could mean that you stop trying to pay your bills on time or even go on a shopping spree to feel better, making the situation worse. Again, it’s important to get help managing your debt as soon as you can to avoid this stage.

5. Hope

Once you speak to a bankruptcy trustee and start putting a plan in action to either cut down on your debt or file for bankruptcy, you’ll likely feel hope again. Finally, things are on their way back to normal, and this can give you renewed hope for the future.