Dealing with the troubles in life is something that we all need to face head-on, and one of the most daunting is running into financial situations.
Experiencing financial hardships in life is common, and the situation can be so bad that filing for bankruptcy may be the only viable option.
Declaring bankruptcy offers you great relief while you recover from your financial issues and plan for the future.
However, different studies indicate that some people, especially women, are often overwhelmed by filing for bankruptcy, which affects their physical and mental health.
Read on to learn how bankruptcy affects your physical and mental well being.
How to File For Bankruptcy
Before you file for bankruptcy, there are different things you should know, and some of them can affect your physical and mental health.
There are several myths and misconceptions about bankruptcy that many people have come to believe but are not true.
For instance, it is widely believed that you will lose all your assets and may not be able to get credit for 10 years or more.
To understand the truths about these misconceptions and to see whether bankruptcy is good for you, White Plains Bankruptcy Lawyer explains different things you need to know.
You also get information that can help you secure a better financial future if you consult the right attorney.
Increased Stress
Declaring bankruptcy can come with debt-related financial challenges that can make it difficult for the affected people to make meaningful savings.
Such challenges can affect their wellbeing and can make life more stressful. Generally, stress is not good for your mental and physical well-being.
For instance, lack of sleep, anxiety, and depression are all symptoms of stress and can also have a toll on your mental health.
Lack of sleep can affect your normal life in many ways since you may fail to concentrate on whatever you may be doing.
This can lead to accidents in the workplace or when driving, which can cause physical injuries.
Coping with physical injuries from an accident will not be very easy given the already stressful challenges in your life.
Filing for Chapter 7 bankruptcy can take several years before the debts are discharged and this piles financial pressure on the individual involved.
This can increase stress among different individuals undergoing bankruptcy since they will be more concerned with their day-to-day living with other pressing financial issues looming.
Many people can’t survive without borrowing, so imagining you can spend up to ten years without borrowing following a bankruptcy can be a very stressful challenge.
Bankruptcy can create a feeling of uncertainty that drives people toward negative behavior such as substance abuse.
Some people try to evade their daily challenges by consuming excessive alcohol, which can have a toll on their physical health. Alcohol and substance abuse can cause liver, heart, kidney, lung, and brain problems, which are all dangerous to physical health.
Fighting Social Stigma
The other thing that can affect your mental well-being, in most cases, is fighting social stigma.
The main challenge is that in our culture, many people tend to think that bankruptcy is a consequence of poor, unplanned spending decisions. Bankruptcy is viewed as a shameful outcome that some people do not want to openly acknowledge they are going through.
If individuals continue to keep feelings of social stigma to themselves, they only worsen their situation, which can lead to serious mental health problems.
Little Or No Money To Access Quality Health
Bankruptcy can affect your physical well being in different ways, especially if you cannot access money to get quality health.
As noted above, debt can be stigmatizing, such that the affected individuals may be ashamed to seek financial assistance for healthcare.
In the end, simple, treatable conditions can end up having a toll on the health of various individuals that cannot afford access to quality healthcare.
Furthermore, this can also lead to chronic anxiety and stress, which leads to poor health conditions.
While bankruptcy is designed to offer relief to financially distressed people, it also affects their physical and mental health in many ways.
The common mental challenges often encountered by people filing for bankruptcy include stress, depression, and anxiety. These factors can in turn affect your physical well being since your body will not be functioning normally.
You may also fail to access money to get quality health which affects your well being in the long term.
Research your options for bankruptcy and work with a qualified attorney to seek the optimal solution for your financial situation. This will allow the alleviation of the harms associated with bankruptcy.