For most Americans, filing for bankruptcy is the last, best option for those who have lost control of their financial lives. There are many reasons people file for bankruptcy, including medical expenses, job loss, and poor financial management. However, while a successful bankruptcy filing can solve many challenging problems, it does not come without a cost. Before making the decision to file for bankruptcy, it is important to have an idea, up front, what the repercussions may be. Even more important, it is imperative that a person who files bankruptcy has a plan in place for overcoming those repercussions as they arise.
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When a person finds themselves behind on bills, mortgage and other payments, with no hope of catching up, it may be time to think about bankruptcy. Bankruptcy can offer breathing room and a relief from the stress of mounting debt. With a successful bankruptcy filing comes a chance to begin a new financial life.
But let's be clear, it is a new life, not a continuation of the old one. Parts of this new life will be very different. In addition to the relief that comes with a new start, the person who has declared bankruptcy may face new stresses and challenges. The bad news is that these may be difficult. The good news is that they CAN be overcome.
A common side-effect of bankruptcy (or any financial stress) can be depression. People who have lost control of their finances (very often through no fault of their own) can fall victim to low self-esteem. After bankruptcy some people may feel inadequate to the challenges of life, viewing themselves as less than fully human.
If you have declared bankruptcy, be ready for depression. Do not underestimate its seriousness. Depression saps the very strength and will needed to rebuild a new, better life, exactly when that strength is needed most. So, make note of your options for combating depression. Medical health and counseling can be of great help. Do your homework and explore what aid may be available to you. Many communities in the United States have resources to help citizens deal with these problems. In addition to public health clinics, there may also be advice and help available from the different faith communities in your area. Again, do you homework so that you know where to turn.
Work to maintain a sense of control over your life. Bankruptcy is usually the result of circumstances that are beyond your control (sickness, divorce, a poor economy). It is natural that you might feel powerless, and this also contributes to depression. But even when your financial situation has changed, there are plenty of ways to regain that sense of power. One option may be to find opportunities to volunteer in your community. You will be helping others, and in return, you will know that you are again making a meaningful contribution. Volunteer work can be especially useful for those who are unemployed or under-employed: a volunteer job is not only important, but showing up to a "job" (paid or unpaid) is a good way to keep structure in your life, and maintain a feeling of forward motion and control.
Finally, begin working to rebuild both your credit and your reputation. While it is illegal for employers to refuse to hire you because of a bankruptcy in your past, it is not illegal for them to do a credit check. Your post-bankruptcy credit rating may raise red flags which could possibly influence an employer find other reasons not to hire you. But, if you are ready for this type of challenge, you can often overcome objections. Be prepared to explain what steps you are taking to rebuild your life. Also, be ready with other examples of your ability to work hard and contribute (your record as a volunteer will stand you in good stead here, too.)
Bankruptcy is a necessary and useful tool, and while its use does not come without repercussions, having a plan in place for how you'll meet post-bankruptcy challenges can greatly increase your chances of bouncing back fast and strong.
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