September 23, 2014

How To Cope With the Emotional Price of Bankruptcy

How To Cope With the Emotional Price of Bankruptcy | Stan Luongo | Luongo Bellwoar LLP

Filing for bankruptcy is not a quick or easy decision. It involves much more than just filing some paperwork. Possibly parting with personal belongings or potentially losing a business is bound to take a toll on you emotionally. After all, you’ve probably spent much of your adult life working to gather or create these things.

When filing for bankruptcy, it is normal to feel emotionally distressed — but that doesn’t mean you should ignore these feelings. Here are some tips to help you cope during this time:

1. Allow Yourself Time to Grieve

For many, our businesses are like a relative. Losing a business might feel a lot like a death, and that’s normal. It might seem more productive to push your feelings aside and bury yourself in work, but that won’t make them go away. Many people say they go through the five stages of grief after filing for bankruptcy, so give yourself time to get through all of those bad feelings until you can see the positive again.

2. Keep a Group of Trustworthy Employees

If you’re facing bankruptcy, it’s likely that you will need to operate with a smaller staff than usual. This team should consist of only employees that believe you will recover, and are motivated to help get you there. One of the benefits of a small support system is that you can eliminate any weak parts.

3. Have an Outlet

You’ve probably already consulted with a bankruptcy lawyer to guide you through this process (if not, you should). However, it can also help to talk to another professional, a therapist. However, this outlet doesn’t need to be a medical professional — as long as you find someone who can help you sort through your feelings in a healthy way. Sometimes, it’s useful to get an outsider’s perspective on things.

4. Accept that You’re Making a Good Decision

You will feel much better once you accept that filing for bankruptcy is the best option for someone in your position. Many people feel a type of closure afterward, as though their struggle is finally coming to an end. Bankruptcy can be the best decision for your business as well as your mental health.

Consult with a professional before filing to see if bankruptcy is a good option for your business. Call LUONGO BELLWOAR at 610-430-6600 to schedule a consultation.

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