Bankruptcy: Financial Strain Can Drain You Emotionally
If you are considering filing for bankruptcy, then chances are you have been feeling quite a bit of financial strain, as you’ve struggled to pay bills and tried to deal with events that have led you to what is a very rough road. A recent story concerning Real Lives of Atlanta star, Claudia Jordan is a good example of what can cause someone to go bankrupt and how it can affect a person, even someone who seems to have it all.
Jordan’s first foray on TV was on “Celebrity Apprentice”. With her television career starting to take off, she had cash and she spent it. She bought real estate and various luxury items. Then she lost employment opportunities, borrowed too much money as funds ran thin, and went through a costly divorce. In the process, Jordan also lost all of her real estate, which at one time was worth approximately $1 million.
She filed for Chapter 13 bankruptcy, which allows an individual to pay off a portion of the debt that they owe before the remainder is discharged. She then eventually filed for bankruptcy and went into a deep depression. Since then, she has dug herself out of that lowly state, and her financial future is looking brighter.
Jordan’s bankruptcy story mirrors the stories of many other Americans. Bankruptcy is often tied to one or more major events in a person’s life that cause a huge amount of financial strain. Jordan’s lack of employment and divorce are two of the most common occurrences that people who file for bankruptcy endure.
Read: How Chapter 13 Bankruptcy Can Help You Prevent Foreclosure
Emotional Turmoil and Stress
Jordan’s bankruptcy and how she dealt with it emotionally offer one example of what people go through and how they feel about going bankrupt. There are a few ways to look at bankruptcy. Jordan, who was living the high life, felt embarrassed by it and overwhelmed.
However, for anyone going through bankruptcy it is important to remember that it is a legal process whereby someone who can no longer pay their debts can be released from them. And although there’s loss involved, there’s also the light of a new future. A major part of bankruptcy for any individual is how they perceive it. Is it the end of the road or a new beginning?
Read Also: Is Bankruptcy The Answer to Your Financial Woes?
Florida Bankruptcy Attorney Can Help You
If you’re going through difficult financial times and are considering bankruptcy, contact The Law Office of Kelley Fulton Kaplan & Eller today. We will be glad to discuss your situation with you in order to help you determine if bankruptcy is a viable option. We’ll review Chapter 7 and 13 bankruptcy criteria, help you determine which you qualify for, and endeavor to put it all in perspective.
Do not go through this time alone. Bankruptcy can be an overwhelming process. At The Law Office of Kelley Fulton Kaplan & Eller, our Florida Bankruptcy Lawyers can help relieve the stress and strain, ensure that all paperwork is properly filed, and work to expedite the process so you can start anew. Contact us at 561-264-6850.