Emotional Effects of Bankruptcy

Filing for bankruptcy can sometimes cause negative emotional and psychological reactions. That circumstances that led to the bankruptcy can take a sizeable toll on the person dealing with them. Besides the legal and financial facets of bankruptcy, NY bankruptcy lawyer Michael H. Schwartz. P.C. can help guide you through the emotional aspects of bankruptcy and toward the right track for an optimistic future.

Often, a person’s self-worth is intertwined with his or her finances. Our society places a high value on financial worth. Therefore, losing money can feel like losing one’s identity or self-esteem. Gaining an understanding of the emotions that underlie your finances can help you immeasurably in responding to and accepting a bankruptcy. A person pursuing debt relief should consider:

  • Learning from the experience.
  • Learning new financial skills.
  • Letting go of any thoughts of blame and bitterness.
  • Focusing on the positives of getting finances under control and getting a fresh start.

Although it may seem like a good choice to avoid the negative emotions surrounding a bankruptcy, it is better in the long run to embrace them and reclaim your sense of control. New York bankruptcy attorney Michael H. Schwartz, P.C. can help you through the difficult emotional journey of bankruptcy and see you through to an improved financial future.

Some people look at bankruptcy as a failure, Michael H. Schwartz, P.C. looks at it as a new beginning.

Did you know that bankruptcy is even rooted in the Bible? Yes it is! 

“At the end of every seven years you shall grant a release of debts.  And this is the form of the release:  Every creditor who has lent anything to his neighbor shall release  it; he shall not require it of his neighbor or his brother, because it is called the Lord’s release.”  Deuteronomy 15.

The Bible calls for people to get a second chance, so why shouldn’t you get one? Michael H. Schwartz, P.C. will get your life back on track.