Filing for bankruptcy can be an emotionally trying time for many people.
Even though the stigma of bankruptcy has disappeared, to a certain extent, most people who end up filing still feel somewhat depressed and embarrassed that they had to go through it.
The number of people filing for bankruptcy the past year has exceeded one and a half million.
The two most prominent reasons that people give for filing are loss of a job or ill health in the family that causes savings accounts to be drained.
Either of these reasons could, by themselves, bring a person down emotionally.
The act of filing for bankruptcy is sort of the final emotional nail in the coffin where the person has to admit to himself that he has been a failure in managing the financial resources for his family.
According to many mental health experts, filing for bankruptcy can affect the mental health and stability of a large percentage of those people.
This is because, for many people, their self image is wrapped up in their financial success in life.
And once they lose their financial success, they also lose much of their self worth.
In the case of married spouses or couples, many times the emotional problems caused by the filing can exacerbate existing problems in the relationship.
Money problems are already one of the biggest problems listed by couples in a marriage.
Having to file for bankruptcy, takes those problems to another level.
In fact, many times the only thing holding a couple together that is going through rough financial times is that neither one has the money to move out on their own.
In the case of single people or people living alone, a bankruptcy filing can lead to severe depression.
One that is likely to deepen if that person is unable to get a job or find another source of income.
More and more you hear stories of homeless people with college degrees who are homeless because they ran into financial problems.
Because of depression, many have simply given up.
After a period of being rejected for jobs, many simply drop out of society and no longer even attempt to find work any longer.
Bankruptcy is meant to give the person a new lease on life by eliminating many of his debts.
But, in order to start life anew, a person has to be in the right mindset.
If he lets himself be taken over by feelings of shame, guilt, and a lack of self esteem, he may never recover his footing.
Even though the stigma of bankruptcy has disappeared, to a certain extent, most people who end up filing still feel somewhat depressed and embarrassed that they had to go through it.
The number of people filing for bankruptcy the past year has exceeded one and a half million.
The two most prominent reasons that people give for filing are loss of a job or ill health in the family that causes savings accounts to be drained.
Either of these reasons could, by themselves, bring a person down emotionally.
The act of filing for bankruptcy is sort of the final emotional nail in the coffin where the person has to admit to himself that he has been a failure in managing the financial resources for his family.
According to many mental health experts, filing for bankruptcy can affect the mental health and stability of a large percentage of those people.
This is because, for many people, their self image is wrapped up in their financial success in life.
And once they lose their financial success, they also lose much of their self worth.
In the case of married spouses or couples, many times the emotional problems caused by the filing can exacerbate existing problems in the relationship.
Money problems are already one of the biggest problems listed by couples in a marriage.
Having to file for bankruptcy, takes those problems to another level.
In fact, many times the only thing holding a couple together that is going through rough financial times is that neither one has the money to move out on their own.
In the case of single people or people living alone, a bankruptcy filing can lead to severe depression.
One that is likely to deepen if that person is unable to get a job or find another source of income.
More and more you hear stories of homeless people with college degrees who are homeless because they ran into financial problems.
Because of depression, many have simply given up.
After a period of being rejected for jobs, many simply drop out of society and no longer even attempt to find work any longer.
Bankruptcy is meant to give the person a new lease on life by eliminating many of his debts.
But, in order to start life anew, a person has to be in the right mindset.
If he lets himself be taken over by feelings of shame, guilt, and a lack of self esteem, he may never recover his footing.