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Tips for Dealing With The Stress of Filing Bankruptcy

23rd September 2010
By Lander McLoyd in Bankruptcy Law
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Our law office has helped people file for bankruptcy in Michigan for years and we've observed the many ways that stress impacts our client's lives. Below are some tips that can help make the bankruptcy process less stressful.

First off, is should be acknowledged filing for bankruptcy can be an extremely tough experience. Besides the uncertainty of your financial future, you’ll have to worry about your home, your car, your credit card debts, and how the bankruptcy will affect your credit. If you are having a hard time dealing with this pressure, there are some ways to reduce the stress of a bankruptcy.

** Top Tips for Reducing the Stress of Your Bankruptcy Filing **

In any situation, one of the best ways to deal with stress is to get things off your chest. By discussing your situation with a trusted source, you may better express the issues that you are facing. This may help you realize that bankruptcy is not as bad as you have imagined it to be. By speaking with a bankruptcy counselor, or a bankruptcy attorney, you may come to realize that bankruptcy might be a viable option to help you to:

* keep your home;
* keep your car;
* eliminate some of your debts;
* restructure some debts (and make lower payments over an extended period of time); and
* emerge from bankruptcy in a much better financial situation than before.

If there are other stressful factors related to your bankruptcy, such as a divorce or a loss of your job, you may consider seeking the aid of a support group or a licensed therapist.

** Creative Ways to Reduce the Stress of a Bankruptcy **

A great way to combat stress is to practice these 4 proven stress reducers: Reading, Writing, Reflection, and Regular exercise.

Reading – A good book (or magazine, or blog) can work wonders in the distraction department. A great book can take your mind off of your troubles, and it may expose you to new ideas that can give you a better perspective on your own situation. While many people turn to the TV for distraction, others find that reading is a much more fulfilling and beneficial means of “escapism.”

Writing – In addition to discussing your troubles, writing about your experience is another good way to express yourself. Writing will allow you to reflect on the ideas that you put down onto paper. Some people simply write notes, others log their thoughts in a journal.

Reflection – When you reflect on your experience, you can analyze the situation, and determine whether your stress is necessary. Perhaps it would be better to accept your situation. Then, rather than dwell on the mistakes that you made, you can concentrate on what it takes to rebuild your damaged credit. Often, setting positive long term goals helps people keep future focused.

Exercise – Physical activity is very important to reducing your levels of stress. In fact, the endorphins that your body releases during exercise are natural stress reducers. Whether you jog, ride a bike, swim, practice yoga, lift weights, or simply take casual evening strolls with a friend, pet or family member, regular exercise and a healthy diet go a long way to helping you to keep your stress levels in check.

** How Can a Bankruptcy Attorney Help? **

If times have gotten so tough that you feel you have no alternative but to declare bankruptcy, it’s important that you protect yourself from companies that take advantage of consumers when they are at their lowest financial point.

An experienced bankruptcy attorney who talks you through the process and helps you understand how things are going to get better may be your best stress reliever of all. Having an advocate in your corner that knows the laws and the process can certainly help you rest easier at night. Further, most bankruptcy attorneys offer a free consultation because they need to first make sure that you qualify for bankruptcy protection.

** Ann Arbor Michigan Area **

If you happen to be reading this article an are in the Ann Arbor, MI area. Be sure to check out our website on Michigan bankruptcy at Or contact our office. We're at:

Johnson & McLoyd PLC
1785 W Stadium Boulevard
Suite 201C
Ann Arbor, MI 48103-5291

Phone: (734) 669-9080
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