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The health advantages of filing for bankruptcy

| Aug 25, 2020 | Personal Bankruptcy |

When it comes to the bankruptcy process, many people recognize the financial advantages of eliminating debt. However, it is also important to think about some of the health-related benefits of getting rid of excessive debt. In fact, many people experience positive changes with respect to their mental and physical health, which underlines the importance of addressing financial burdens.

It is obvious that making a huge financial decision, such as filing for bankruptcy, can be incredibly stressful. However, personal bankruptcy helps many people find mental freedom and work toward a brighter future. On the other hand, some people experience high levels of anxiety and feel depressed as a result of bankruptcy, which is why taking a careful approach is so critical. If you are considering filing for bankruptcy to get rid of overwhelming debts, it is critical that you contact a knowledgeable lawyer who can help you make a smart decision.

Bankruptcy and depression

According to data that was published by the National Center for Biotechnology Information, a recent study that evaluated the health impact of filing for bankruptcy for women found that bankruptcy is associated with poorer mental health outcomes among 40-year-old women. Some women in this age group struggle with high levels of depression, potentially exacerbated by the stressors that come with the bankruptcy process. However, the study also notes that many women potentially had existing mental health problems prior to filing for bankruptcy because of the financial challenges they were experiencing.

Get a personalized assessment and answers to your questions

Because every financial situation is unique, it is essential that people who are considering a bankruptcy work closely with a skilled bankruptcy attorney. A knowledgeable attorney can assess your financial future, debts and goals. At Law Office of Deborah N. Arthur, our knowledgeable attorneys work closely with every client to understand the unique challenges that they may face. We will create a personalized strategy for your bankruptcy and manage everything related to your case.