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Can filing for bankruptcy benefit your mental health?

On Behalf of | Jan 7, 2023 | Bankruptcy

It’s no secret that an overwhelming financial burden can have a negative effect on mental health. While the decision to file for bankruptcy can be stressful, there are potential benefits you may not have considered.

What are some ways filing for bankruptcy can help alleviate stress and boost your overall mental wellness?

The stress of being in debt can lead to anxiety and depression

Debt can be very overwhelming, and staying on top of payments can feel like a daunting task. It often comes with immense pressure, especially when the money you owe is increasingly difficult to pay back. This stress can affect your overall mental health and well-being, pushing people into prolonged anxiety or depression.

Filing for bankruptcy can seem scary and overwhelming, but it can also be an opportunity to start anew. It is essential to think of filing for bankruptcy as the proverbial light at the end of the tunnel; it is a way to move past debt and begin building a more secure financial future.

After filing for bankruptcy, you can expect to feel a sense of relief after unburdening yourself from debts and spiraling interest fees. Once filed, you will have more disposable income each month, giving you more freedom to move forward with your life. Plus, depending on the type of bankruptcy you file, some of your secured assets may be able to remain in your possession throughout the process.

Filing for bankruptcy is a major life decision that comes with its own set of challenges. If you decide to file, know that you’re not alone and that resources are available to help you through the process.