Bankruptcy Can Often Help Relieve Emotional Stress Caused by Financial Struggles

  1. Personal Bankruptcy
  2. Bankruptcy Can Often Help Relieve Emotional Stress Caused by Financial Struggles

Are you thinking about filing for bankruptcy?  If so, you have probably been dealing with impossible financial struggles for a while. The chances are that the financial strain resulted in a significant amount of emotional stress. Many are in similar situations. While the stories that led to the financial struggle vary, the result is the same: there isn’t enough money to pay everyone who expects to be paid. First, the struggle is noticeable every month. Then the struggle starts to make itself known each week. And quickly after that, it’s a daily struggle.

What Are the Common Stressors Associated with Financial Struggle?

Fear of Losing the Family Home: Many families dealing with financial hardships find themselves facing foreclosure. The potential loss of a home causes extreme stress as it is both a vital necessity to provide a home for your family and profoundly emotional with many homeowners placing great sentimental value on their home.

Fear of Vehicle Repossession: During a financial struggle, many consumers fall behind on their car payments. When a car loan is past due, the lender may move quickly to repossess the vehicle securing the loan. Wondering whether or not the car will be available when it’s time to go to work or time to go home for the day or pick the kids up at school can be a weighty burden.

Inability to Pay Basic Bills: Constant worry about which bill to pay to keep the lights on, the phones active, and the water running can be wildly stressful for those during a financial struggle, especially if the situation is long-term or a part of a repeating cycle.

Limited Access to Extracurricular Funds: While not having the money for necessities is an obvious stressor, some don’t consider the additional stress that comes from having little to no access to funds necessary to engage in the usual extracurricular activities that serve as stress relief.

Harassing Phone Calls from Collectors: One of the most stressful aspects of being past due on bills or overwhelmed by debt is the eventual call from a collector that quickly turns into many calls from many collectors.

Many dealing with chronic or extreme financial struggles eventually turn to bankruptcy for relief. Filing bankruptcy is often tied to a major event (or multiple significant events) in a person’s life that create financial strain. Common “major events” frequently related to bankruptcy include divorce, job loss, illness, loss of a loved one, etc.

Call a Chattanooga Bankruptcy Attorney for Help Discharging Debt:

If you are dealing with the many stressors that come along with financial struggle and you need help, contact the law office of Kenneth C. Rannick P.C. We can help you determine if bankruptcy is a good option in your situation and review Chapter 7 and Chapter 13 qualifications. You don’t have to deal with the financial struggle alone. Bankruptcy can be an overwhelming process, but at the law offices of Kenneth C. Rannick P.C., you’ll work with Consumer Bankruptcy Specialists. We help relieve the stress, ensure all bankruptcy paperwork is appropriately filed, and work to expedite the bankruptcy process so you can get a fresh financial start.

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