The decision to file for bankruptcy is not an easy one for Arizona residents to make. Keeping in mind their financial difficulties, they have taken the step to restart their financial lives with possibly a fraction of what they owned and owed before. With the relief that comes from getting rid of creditors and wage garnishment, also comes the stress and anxiety of any big decision.
Filing for personal bankruptcy is not just signing a bunch of papers. In many circumstances, it involves getting rid of possessions that carry sentimental value and have taken years to accumulate. This can have a significant impact on the filer's emotional and mental health, if they do not address the issues as soon as possible and try to keep their feelings bottled in.
Rather than feel ashamed or humiliated because of the perceived social stigma attached to filing for personal bankruptcy and avoiding family members, filers should consider sharing their feelings. Asking for their help can assist filers in getting through a potentially difficult time. It is important to remember that in today's uncertain economic times, many people file for bankruptcy for reasons outside of their control, and they should not consider bankruptcy as giving up. Rather, bankruptcy is a financial fresh start.
Many people who filed for bankruptcy admit that filing for bankruptcy was therapeutic, even though it was difficult while they were going through the process. Instead of waging a constant struggle of balancing the budget and cutting costs, while still missing bills, having an end to financial troubles in sight is actually better for the filer's mental and physical health. Sometimes, filing for personal bankruptcy, whether it is Chapter 7 or Chapter 13, may just be an Arizona resident's best option, and one that they should embrace to improve both their financial and mental health.
Source: Forbes, "4 tips for coping with the emotional cost of bankruptcy," Joe Apfelbaum, Aug. 21, 2014
Source: Forbes, "4 tips for coping with the emotional cost of bankruptcy," Joe Apfelbaum, Aug. 21, 2014
