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The emotional side to a bankruptcy filing

When you file for Chapter 11 bankruptcy, it probably means that things have been tough from a financial perspective for quite a while. It's easy to say that financial wealth never needs to affect mental health and happiness; however, the reality is that financial struggles can lead to a great deal of stress and may force you to make certain sacrifices as a result.

While a bankruptcy filing can be very challenging, it is often the best course of action for individuals and families who have built up a considerable amount of debt. Therefore, if you are considering filing for bankruptcy, it is important that you put in place good practices so that you are able to thrive emotionally as well as mentally.

Knowledge is power

Your emotional well-being will be better off if you make sure to keep informed. Understanding Chapter 11 bankruptcy and the specific process that you will go through is important, since the more prepared you are, the less likely it is that you will encounter any nasty surprises.

Get rid of blame

It is so easy to hold grudges in relation to the current financial situation you are in. You might be putting the blame on yourself, your partner or your former boss. The truth is, however, that the only option you have is to move forward with a positive attitude.

Start saving

As soon as you are out of debt, you may worry that you will repeat the cycle. One positive action to take is to start a savings account and slowly grow your savings, and at the same time, the trust in yourself.

If you are considering filing for Chapter 11 bankruptcy, it is important to understand the ways that filing could change your life.

Source: The Balance, "Surviving and Thriving After Bankruptcy: Dealing With Emotions, Part 2," accessed June 14, 2018

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