The Emotional Toll of Bankruptcy in Illinois - You Can Handle It



There is no easy way around the fact that facing financial challenges and mounting debt is an immensely stressful situation.  All of us worry about money in one way or another, and, no matter what your financial situation, the mind has a tendency to dwell on the worst case scenario.  Our team of Oak Park bankruptcy lawyers work with many local residents who find themselves backed into a financial corner.  The bankruptcy law exists to help in those situations, often providing a fresh start to get your life back on track.

However, even though bankruptcy laws are ultimately about recovery, there is still immense anxiety and emotional difficulties when going through a bankruptcy.  A recent U.S. News story touched on those challenges and provided some helpful advice for all those working through the process today.

You Can Get Through It
The first step is recognizing that it is normal to be immensely stressed and pressured during a bankruptcy.  That stress can take a toll on a spouse, partner, children, friends, and extended family.  Understanding that the stress is normal is important, because it often leads individuals to invest in the resources they need to properly deal with that stress and anxiety.  It is never a good idea to simply ignore the emotional side of the situation.

One of the most common emotional issues involves self-esteem challenges.  Our bankruptcy attorneys appreciate that many local residents have spent a considerable amount of time trying to handle these financial issues on their own before visiting our office.  When they are considering filing for bankruptcy, that likely means they have already spent months or years juggling the debt to try to make it work.  All of that takes a toll on one’s self-image, and it is common for those filing for bankruptcy to have already mentally beat themselves up for allowing themselves to get in this situation.

It should never be forgotten that there are countless reasons why one might find themselves with unsustainable debt. The mental beating serves no purpose other than to inflict punishment unnecessarily.  The past is the past, and all attention should be focused on making sensible choices for the future.

New Industry to Help
Interestingly, more and more focus is finally be drawn to these bankruptcy issues.  In fact, a relatively new industry has sprung up offering “financial therapists” to help community members deal with stressful issues like bankruptcy.  The therapists try to deal with the mental toll of a bankruptcy.  They note that part of the work involves dispelling misguided notions about the process.  There are fears that a bankruptcy will permanently destroy one’s credit or ruin one’s reputation among friends and family.

There should be no judgement of those seeking to use the law to get their financial house in order and prepare for a better future.  For help understanding these and other issues in Oak Park or nearby communities, please contact the legal professionals at our firm to see how we can help.

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