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How can bankruptcy help your mental health?

On Behalf of | Mar 6, 2023 | Personal Bankruptcy

Having debt is bad for your mental health. If you are mired in debt and have been for some time, you may have forgotten how things used to be when you did not owe anyone anything.

Think about how carefree most kids are. They generally have no money worries, and even if they have very little, they don’t spend their days worrying about it.

While taking on debts is not easy to avoid when you need to buy a house, pay medical bills, or pay for college, the lenders encouraging you to take the credit on offer won’t have mentioned the negative effect it could have on your mental health.

In fact, if you think about many of the adverts you see, the message they give is that spending borrowed money will bring you happiness.

Poor mental health due to debt is a massive problem

One study from the United Kingdom’s Royal College of Psychiatrists found that half of all adults with debt have mental health issues.

So how can bankruptcy help?

A bankruptcy filing can either eliminate your debts or allow you to reorganize them. It’s the feeling of not having any control over your debt that causes the problems. That and the fact that you likely have creditors mailing or calling you constantly.

If you have been suffering from poor physical health lately, that may also be something to do with the debt, as poor mental health can make your body more vulnerable to ailments.

Filing for bankruptcy might not necessarily be easy, but neither is living with poor and perhaps worsening health due to debt. Seek legal help if you think filing could help you.

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