Many people who file for bankruptcy note significant improvements in their mental health after they do so. This is not to say that anyone who needs a mental health boost can get one by filing. But those who have been struggling with their debt may well do.
The reason is that excessive debt is often bad for a person’s mental health. Let’s look at how.
Stress, anxiety and depression
Not being able to pay your debts easily can cause stress and anxiety, which may in turn lead to depression if the issue lasts long enough. People with debt they cannot afford often spend nights unable to sleep and days full of worry as their mind is caught up thinking about how they are going to meet the bills they know are going to arrive soon.
Relationship pressures
Couples often find their relationship deteriorates when their debt becomes unaffordable. One or both may find themselves on edge or frazzled as the payments dominate their thoughts. They might even start to blame each other, even if they do not vocalise it, which can further stress the relationship.
Shame and guilt
It is common for people who cannot meet their debts to feel guilty over it. They may feel ashamed to tell people, so they bottle their feelings up, which can deny them the chance to get the support they need. This guilt can exist even when the cause of their money issues is clearly not their fault – such as an unexpected medical bill or job loss, not to mention a system that can make it incredibly hard to survive on the average wage.
Clearing your debt can bring immense relief and a mental reset as well as a financial one. You can start looking to the future with excitement and optimism rather than dread about when the next bill will arrive. Getting legal guidance to explore your bankruptcy options is a good place to start.
