Personal Bankruptcy (part 9)

Your day in court and the emotions that go with it

Most likely, you will have to make an appearance in bankruptcy court in order for it to become final. In a simple bankruptcy, this would be a basic meeting. Whatever the case, always dress accordingly. Never show up in jeans or something too casual. Show the court that you take this seriously because it is serious even though it may be a meeting. Never be late either. Some time after this meeting, you will get your official legal notice from the bankruptcy court – it states your discharge from the listed debts. The filing is basically over now. Now, you have to start process of rebuilding your credit standing. You have to really do it too. Remember, this is a second chance, do not mess it up.

The emotions that you will experience

Bankruptcy carries with it an emotional impact on everyone who files. Do not underestimate this impact either. If you are filing because of financial wreckage from medical bills, your emotional stability may already be compromised because of your ill health. Say the medical bills are from your spouse having an illness, you have had to tend to there health and sometimes you will experience even more emotions because of the weight it has bared on you mentally. Even if you have filed because you we laid off from a job you had for many years will be emotionally devastating at times. Once you are cleared financially from your filing, you may experience a bunch of emotions you stifled until now. Just be aware of this.

You want to be able to understand right away that bankruptcy will take some form of toll on you and your spouse. Be sure to take precautionary steps to prepare you for this. Emotional stress can really take over and that is not why you are trying to start new. You don’t want a fresh start to be dogged by extra emotions you we not aware you might have after you file. If you think ahead you will stay ahead. It is completely normal to get emotional during this time period, but by standing up to your emotions, you will be better serving yourself and your family members.

Worth mentioning: The American Bankruptcy Institute reports that there were nearly 367,000 bankruptcy filings in the first quarter of 2001 alone. About 357,000 of them were filed as person bankruptcies. This means only ten thousand were filed by businesses. About 261,000 of them were Chapter 7 liquidation too.  

Be sure to read our final section of this 10 part debt free article about bankruptcies. The final section will cover a little more about the stress and the effect it may have on your marriage and it will end by covering why it is important to try and avoid being bankrupt.

Part 10…

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