Law Office of Allan E. Dunaway, PLC

Emotional issues are part of the problem that surrounds bankruptcy

The emotional anxiety people feel caused by filing for bankruptcy protection may be greater than the anxiety resulting from their financial problems. They may feel grief, sadness, shame and other negative emotions. They often feel alone and isolated, and the stress can become circular, with financial problems feeding the stress on relationships, which can further undermine their economic situation.

One financial counselor says, "Oftentimes a person's self-esteem takes a stronger hit than their finances." In the U.S., a great deal of an individual's self-worth may be measured by their job, their home, the vehicles they drive, and bankruptcy can be psychological painful recognition of not measuring up to some imagined standard.

These emotional issues have led to the development of a financial therapy industry to help people cope the psychological aspects of financial problems. The collection calls, the dunning letters reminding you every day how much further you have fallen behind in your debts can become overwhelming.

No matter what you have heard or read, if you are really being overwhelmed by your debt, speaking with a bankruptcy attorney can offer hope. The fundamental purpose of the Bankruptcy Act is to provide an economic fresh start. It does this by discharging most debt, allowing a person to begin again, debt free.

Whether a Chapter 7 or a Chapter 13 affords the most sensible solution to your financial situation is something you can discuss with a bankruptcy attorney, but both offer relief from your debts.

Many people fall into debt because of a job loss, medical issues or divorce. Bankruptcy can help in all of those circumstances, and there is no need to suffer because of difficulties beyond your control. Bankruptcy can help, and it can help today.

Source: U.S. News and World Report Money, "Surviving the Emotional Toll of Bankruptcy," January 18, 2013

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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