When the realization hits that it's time to file for Chapter 7 bankruptcy, it's not a regular day at the office. You aren't done with the process by completing a set of forms and filing them away never to be seen again. This is an incredibly stressful situation for anyone and it may mean the end of a loved possession -- one that might've taken you years to acquire. Here are some tips for dealing with the stress that comes with bankruptcy.
Accept what is happening. You will certainly be suffering through various different feelings when bankruptcy occurs. Losing a business can be very difficult to deal with, almost like losing a loved one, which means you will suffer through anger, denial, sadness, depression and much more. You need to feel with these emotions prior to dealing with them.
Put together a team you can implicitly trust. When you file for bankruptcy, many of your staff members will leave voluntarily. This will leave you with only a few employees who truly trust in what you are doing as a business owner. Even if you have to eliminate some positions because they don't believe in the future of the company, it ensures you have a staff that trusts you.
You will need to come to the realization that sometimes, bankruptcy is just your best option as a business owner. Maybe you exhausted all of your other options and this is all you have left. For these business owners, bankruptcy is the best possible option out there if they want to remain mentally healthy.
Find someone who can support you emotionally during a bankruptcy filing. This person doesn't have to be a therapist, per se, but it should be someone who will truly listen to you and interact with your feelings.
Bankruptcy is not something you should endure on your own. When you are ready to file Chapter 7 for individuals, contact our firm in New York to discuss your situation and learn the next steps.