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Bankruptcy Can Affect Mental Health Atlanta, GA

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Bankruptcy Can Affect Mental Health

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Most of us are familiar with the feelings that come with financial struggles: stress, frustration, anxiety, and humiliation, to name a few. It makes sense that these emotions are more intense and difficult to overcome with a Chapter 7 or Chapter 13 bankruptcy filing, and experts say they can have serious ramifications.

However, the act of filing for bankruptcy may bring a feeling of finality, and may actually reduce a debtor’s feelings of stress, one expert says. “There is a sense of relief from having the debts discharged, and not having to worry about finances so much,” said management professor Kristi Davison.

But until you have reached that finale of sorts, the road to bankruptcy can be a difficult and stressful one. According to clinical psychologist Bradley Klontz, most Americans place too much importance on money. “Many of us confuse our self worth with our net worth. As such, financial problems can deal devastating blows to our self-esteem,” he said. “Bankruptcy can lead us to feelings of guilt and shame, and cause us to isolate from our family and friends out of embarrassment.”

This tendency toward isolation causes men to be more affected by bankruptcy, Klontz says. Women are more likely to lean on their social networks, while men internalize their perceived failure. “Women often have a more balanced sense of self, as they tend to have closer emotional and social ties to family and friends,” Klontz said. “As such, their sense of self and value to others is often more diversified than men, whose self-esteem may be invested exclusively in their role as a provider.”

There are ways to deal with the emotional side effects of bankruptcy, Klontz says. First, remember that you are not alone: in the first nine months of 2010, over one million Americans filed for bankruptcy. Financial setbacks are not uncommon in this country, at this time. Second, be honest with yourself. Look at the behaviors and choices that contributed to your problems, and take ownership of your mistakes and missteps. Third, commit to making choices and taking actions to ensure you don’t end up in the same situation again.

Finally, Klontz says, realize that you have the power to change your financial situation. “Don’t get mired down in the emotional glue-trap of shame and despair,” he said. “Stand up, dust yourself off, commit to doing things differently, and start over.”

Source: Empowher, “How Can Bankruptcy Affect Your Mental Health? Psychologists Offer Coping Strategies“, Rheyanne Weaver, 20 October 2010

Posted on behalf of Gingold & Gingold

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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