About the Emotional Effects of Bankruptcy

Regardless of the circumstances surrounding your bankruptcy, it is bound to have a significant impact on you,  both financially and  emotionally. Often dealing with the psychological impact of bankruptcy is as difficult as dealing with the financial aspects. However, coping with the emotional effects of bankruptcy is essential for rebuilding a robust financial future. At de Moya & Associates, P.C. we not only understand bankruptcy  law and process, but we understand its impact on your  emotional state. We can help you navigate the rough waters of bankruptcy, both  legally and emotionally to help you rebuild a brighter financial future. 

For most, filing bankruptcy can stir an array of negative emotions. Often the loss of money means much more than simply having less money to buy  things. Bankruptcy many times results in feeling a loss of self;  identity, self-esteem, and confidence is compromised. Our society, more often than not, equates image with those things bought and possessed by an individual. Money is not only used for goods and services, it is a currency that opens doors to relationships within the scope of one’s life, and a loss of money is often perceived as a loss of interpersonal power.

Once the reasons behind the negative emotions surrounding bankruptcy are better understood, many find that handling bankruptcy is much easier.

Unfortunately, the emotions we feel when bankruptcy becomes inevitable are the same emotions which lead us to delay bankruptcy as long as possible, making the situation worse than it has to be. When dealing with great financial loss, it is natural  to feel as if your entire foundation has slipped from under you.  It is also natural to begin questioning yourself  and others around you, and to lose confidence in  things you  always depended on.

However, burying these insecurities and negative feelings is not a healthy way of handling them – in fact, it can exasperate your  circumstances. In order to really begin constructively rectifying your financial situation, it is important to deal with these feelings consciously and honestly, both internally and externally. The counsel of a seasoned attorney can go a long way toward resolving both the financial and psychological impact of debt. At de Moya & Associates, P.C. in Rockland, New York, we can see you through the tough times and help you to a brighter financial future.

**DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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