Like it or not, the pandemic and bankruptcy go pretty much hand in hand. While 2021 hasn’t seen too many people pushed to declaring bankruptcy, 2020 was definitely the year for it.
However, this doesn’t mean that people are not struggling with this anymore. As the entire world is still in a state of uncertainty, mainly due to the pandemic, bankruptcy or the slightest sign or situation that could lead to it will also cause major stress to the person that will be most affected by it.
Naturally, we’re talking about bankruptcy stress – one type of stress that has even put people in mental institutions. Here’s how to avoid it and keep your mental health and wellbeing in order!
Stress can bring both your mood and morale down. As a result, you’ll feel tired all day long and, since you won’t be doing anything productive, you’ll keep on thinking about your bankruptcy situation.
Daily exercise helps you to maintain a healthy mood and, on top of it all keeps your mind alert and ready to find solutions instead of reasons to complain or worry. If you can’t calm down enough during your training sessions, you can try some calming natural supplements, like a pair of CBD gummies from Joy. Such products relax both the body and the mind, preventing a stress buildup!
Accept Your Situation
In the first days or weeks of bankruptcy, you’ll most likely have a hard time believing what has happened. The key here is not to try and forget about your situation but fully accept it instead.
Go over everything that happened and, if possible, instead of blaming yourself for everything, try to turn it into a lesson for the future. Keep in mind that any downfall makes the ideal foundation for a new, fresh start.
Reach Out to Friends/Family
Obviously, you need all the support that you can get in times like these. Even if your former colleagues might be closer to you in this whole ordeal, it’s sometimes better to get the support of people that don’t know everything that happened regarding your business.
Colleagues might tell you what you could’ve done to avoid the trouble, while friends and family will tell you that everything is OK and that bankruptcy is not the end of the world.
In some cases, it might be hard to find a comfortable environment when talking to your family or friends. For rather lonely or isolated people that go through bankruptcy, therapy is a very good way to set yourself free from the shackles of this situation.
A good therapist will help you move on in no time and, who knows, maybe push you towards your next successful financial journey!
Create a Financial Plan
Bankruptcy implies offering additional attention to your finances – especially in the long run. At the same time, bankruptcy comes with extreme uncertainty and stress regarding your financial situation.
You won’t be able to escape this stress unless you develop a sturdy financial plan that will let you know that, for the time being, you can survive and eventually move on from the whole thing!
The Bottom Line
Even though bankruptcy and the pandemic go hand in hand, this doesn’t mean that you have to handle both of them. Since you can’t actually stop the pandemic, it’s much better to take care of the stress caused by bankruptcy instead.
This can be easily done by following the five steps above and, naturally, by keeping in mind that you can always enjoy a fresh start if you want/need to!