One of the hardest things to deal with when you begin to realize that you will need to file for bankruptcy protection is the emotional struggle. All kinds of questions start to rapidly form in your head such as:
- “I can’t believe this is happening. I’m a good person yet now I cannot pay back my obligations. I’m not living up to what I said I would do.”
- “Will my boss or coworkers find out I’ve filed for bankruptcy? Will I lose my job?”
- “Will I ever be able to get a job again now that I’ve filed for bankruptcy?”
- “What if my friends find out and think badly of me?”
- “How will I ever be able to purchase a home? I’ll be stuck renting forever!”
- “My credit score is going to be ruined! I will have to pay very high interest for a car loan and every other loan!”
- “I’ve completely failed at life. I’ll never be able to recover.”
- “My bankruptcy will show up in background checks for anything important I try to do in the future.”
- “I’m going to lose my home and everything in it! I’ll be tossed out and I will be laughed at!”
- “How can a good person like me who has always lived by their word now choose to refuse to pay everyone I owe?”
These are just some of the difficult thoughts that may go through your mind as you think about filing for Chapter 7 bankruptcy or any type of bankruptcy. In other articles I will go into dealing with the practical consequences of filing for bankruptcy. Here I will show you how to approach your bankruptcy with a clear mind so you can move forward with your life.
Living With Yourself When Filing for Bankruptcy
First, take a look at the reasons for why you need to file for bankruptcy. Is it because your spending on consumer items and luxury items is out of control? Then you should feel bad because you have lived beyond your means! Get your spending under control before you file for bankruptcy so this doesn’t happen again! You need to live by your word and obligations and not cheat others. However, you should still not feel too bad about bankruptcy because your lenders have been charging you high interest rates that are not acceptable. Move forward and cancel your debts, and don’t go into debt again!
Most Bankruptcies Are Not Due to Bad Behavior
However, if you are like most bankruptcy filers, your bankruptcy is due to a variety of factors outside your control. Did you have high medical bills, job loss, business failure, health problems, dependents to take care of, or other necessary expenses that overwhelmed your own ability to pay? If so, the first thing to do is take a deep breath and realize that you aren’t a bad person. Many lenders take advantage of low income individuals with high interest rates that are nearly impossible to repay to trap them in the debt cycle. Business loans and other products often stretch small business owners to the breaking point. Do not feel bad about filing bankruptcy under all of these circumstances. Things happen, and you don’t have to worry about the lenders. They will continue to make lots of money from other people in debt. Their business model assumes that some will not pay them back and they still make huge amounts of money from lending.
Bankruptcy As A New Beginning
Next, learn to understand that bankruptcy is not the end of your life, but rather it is a new beginning! Bankruptcy is a fresh start! Bankruptcy is the greatest thing in the world! It means that once you file, you are totally free! No more phone calls, no more collectors, no more threats! You will have your life back and can again live life to its fullest! You can do this! Let your mind be at ease and do not be anxious! Your life will soon be all yours again! No one will have control over you any longer! Let the true feeling of freedom that will soon be yours wash over your body and bring you peace! There is no greater feeling on earth than owing no one anything!
Once You File, Never Return To Debt Again!
Be sure to follow our guides so that you can be truly free of debt in the future and no longer fall under obligation to anyone else! Make sure you wait to file until the time is right under the guidance of your attorney.