Over the last few years many Americans are no longer strangers to the topic of filing bankruptcy.
After the market collapsed back in 2007 many people lost their homes to foreclosure and because of the liabilities of the foreclosure were also forced into filing bankruptcy to protect any assets they had left.
While no one really wants to file bankruptcy, in many cases it's unavoidable.
Most people try everything in the world from budgeting to debt settlement with no avail.
During this time in one's life there is extreme pressure on the family unit from a constant attack of the bill collectors and just the plain old lack of money.
When someone is faced with bankruptcy they need to remember that it's not the end of the world and in a few short months things will start to look up.
When reality sets in and bankruptcy becomes inevitable there are some things you can do to deal with the stress of the process.
Usually, the biggest thing that stops people from filing is their pride.
They may have the feelings of embarrassment and/or failure.
In recent years, the topic has become main stream and no longer carries the negative stigma of yesteryear.
Remembering this, a person should ask themselves, where would they be in 3 to 5 years if they let their pride get the best of them and didn't file.
Kicking the can down the road will only work for so long and at some point in time the inevitable bankruptcy filing will happen.
Facing up to it quickly is like ripping a Band-Aid off of a sore instead of pulling slowly and agonizing over it.
Realizing that filing bankruptcy is the best option will help a person to move forward and begin the healing process.
One benefit of filing bankruptcy is the automatic stay.
Initially, many people don't even think about it until the petition is filed and realize the benefits and the power the stay wields.
Once the bankruptcy petition is filed the automatic stay goes into place and creditors can no longer collect or even contact an individual about their debts.
Having the peace of mind that when the phone rings it won't be an aggressive creditor on the other end asking for money.
This in itself will alleviate a lot of stress.
Another thing one can do to alleviate the stress at this time of their life is to exercise.
Many times taking a walk, going to the gym, jogging, riding a bike will help someone blow off some steam and clear their head.
Sitting around in dwelling on one's problems is probably the worst thing someone can do.
Adding to that, another stress reliever is to find a friend or family member that they can trust and will let them vent about their financial problems.
Sometimes just having someone to reaffirm the situation and that things are going to be all right can be like chicken soup for the soul.
A bankruptcy attorney is another person that is good reassuring their client that this isn't the end but a new beginning.
Lastly, sitting down and creating a financial plan for the future will uplift someone's spirits.
Many people exit the bankruptcy discharge being virtually debt-free.
Although they might not have credit for a while, this is a pretty powerful statement.
Knowing that all of their debt is completely wiped out and they have a chance at a fresh start should make anybody ecstatic.
It's important to remember that credit will return in due time and the bankruptcy will be far in the rear view mirror.
After the market collapsed back in 2007 many people lost their homes to foreclosure and because of the liabilities of the foreclosure were also forced into filing bankruptcy to protect any assets they had left.
While no one really wants to file bankruptcy, in many cases it's unavoidable.
Most people try everything in the world from budgeting to debt settlement with no avail.
During this time in one's life there is extreme pressure on the family unit from a constant attack of the bill collectors and just the plain old lack of money.
When someone is faced with bankruptcy they need to remember that it's not the end of the world and in a few short months things will start to look up.
When reality sets in and bankruptcy becomes inevitable there are some things you can do to deal with the stress of the process.
Usually, the biggest thing that stops people from filing is their pride.
They may have the feelings of embarrassment and/or failure.
In recent years, the topic has become main stream and no longer carries the negative stigma of yesteryear.
Remembering this, a person should ask themselves, where would they be in 3 to 5 years if they let their pride get the best of them and didn't file.
Kicking the can down the road will only work for so long and at some point in time the inevitable bankruptcy filing will happen.
Facing up to it quickly is like ripping a Band-Aid off of a sore instead of pulling slowly and agonizing over it.
Realizing that filing bankruptcy is the best option will help a person to move forward and begin the healing process.
One benefit of filing bankruptcy is the automatic stay.
Initially, many people don't even think about it until the petition is filed and realize the benefits and the power the stay wields.
Once the bankruptcy petition is filed the automatic stay goes into place and creditors can no longer collect or even contact an individual about their debts.
Having the peace of mind that when the phone rings it won't be an aggressive creditor on the other end asking for money.
This in itself will alleviate a lot of stress.
Another thing one can do to alleviate the stress at this time of their life is to exercise.
Many times taking a walk, going to the gym, jogging, riding a bike will help someone blow off some steam and clear their head.
Sitting around in dwelling on one's problems is probably the worst thing someone can do.
Adding to that, another stress reliever is to find a friend or family member that they can trust and will let them vent about their financial problems.
Sometimes just having someone to reaffirm the situation and that things are going to be all right can be like chicken soup for the soul.
A bankruptcy attorney is another person that is good reassuring their client that this isn't the end but a new beginning.
Lastly, sitting down and creating a financial plan for the future will uplift someone's spirits.
Many people exit the bankruptcy discharge being virtually debt-free.
Although they might not have credit for a while, this is a pretty powerful statement.
Knowing that all of their debt is completely wiped out and they have a chance at a fresh start should make anybody ecstatic.
It's important to remember that credit will return in due time and the bankruptcy will be far in the rear view mirror.