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Dealing with the emotional stress of bankruptcy

On Behalf of | Sep 14, 2021 | Bankruptcy |

The ups and downs for small business owners have largely been “downs” for the last couple of years, so it’s perfectly understandable that a lot of companies — yours included — need to file for bankruptcy.

That’s rather cold comfort, however, when you’re trying to deal with the emotional aspects of the bankruptcy process. Yet, finding ways to cope with your distress during this time is essential.

What can you do? Consider these tips:

Focus on what you’ve learned

Even negative experiences can yield positive results if you approach them as learning opportunities. What have you learned about yourself during this process? What have you learned about your field or your market?

The more carefully you consider these thoughts, the better you can structure your future.

Keep your eye on your goals

Maybe your goal is simply to get out of debt. That alone can eliminate the root of a lot of your stress, so start thinking about what your next project will be or that new enterprise you’d like to develop once your debts are gone.

If your goal is to reorganize the company, picture what that will look like when you are done. Do you plan to rebrand? What do you want to change about your marketing? Once your bankruptcy is over, you can make the changes you envision.

Find someone to talk to about your feelings

A lot of people — especially business professionals — feel unnecessarily ashamed about the fact that they’re having financial difficulties.

You may find support through a community group, friends or a therapist. You need someone to help you recognize that the vagaries of the market are no reflection on your skills as a business professional and that bankruptcy isn’t a personal failing.

Going through a business bankruptcy isn’t easy — but it’s not the end of the road or your dreams. Make sure you have experienced legal guidance by your side as you move forward.