Could bankruptcy improve my mental health?

| Jan 24, 2020 | Bankruptcy |

Being in debt can heavily affect your mental state. For example, you may have been in a good place in your life when you had a stable job and the ability to pay your rent. However, an unexpected job loss can quickly lead to a downward spiral regarding a person’s mental health. If you do not currently have an income, you likely feel anxious about paying the bills, and you may even feel hopeless or depressed.

While poor mental health can make it difficult to take any form of action to positively solve your issues, there are steps that you can take. Filing for bankruptcy can be the first step toward a better financial situation and improved mental health. The following are some reasons why bankruptcy can improve your mental health.

It may be able to solve the root problem

If your financial struggles are the root cause of your depression or anxiety, improving your financial situation is going to help your mental state. In many cases, bankruptcy can help you to do this.

It means you can be proud of yourself for taking action

Those who are feeling in a low state may feel frustrated at themselves for never taking action. The simple act of filing for bankruptcy could help to break that cycle.

You have a positive goal to work toward

Having something positive to focus on can help to lift your mood and see a light at the end of the tunnel. Bankruptcy requires time and dedication, which can be a positive thing.

If you are struggling mentally because of the financial issues you are faced with, now may be the time to consider bankruptcy.