Anyone who has had trouble making payments on time for bills or debts knows the severe stress and anxiety this type of situation can cause. While the saying “money can’t buy happiness” may be true, those who have experienced financial difficulties know that having a reliable income will free up a lot of emotional, mental, and physical space for other emotionally healthy aspects of life. Unfortunately, over 10% of the U.S. population was living below the poverty line in 2019, and since the difficulties many faced during the 2020 coronavirus pandemic, that level is projected to rise to 13.7% in 2021. If you’re facing financial stress because of sudden or accumulated debts, finding positive debt relief will alleviate many negative physical and mental effects money troubles can have on your wellbeing. At Behm Law Group, Ltd., we help individuals and small businesses find long-term debt relief in Worthington, MN and the surrounding area through bankruptcy.
Bankruptcy may carry a stigma for the temporary damage it can do to your credit, but that impact is greatly outweighed by the permanent benefits it provides. For thousands of American households and businesses each year, bankruptcy provides long-term debt relief and effective financial education through credit counseling and debt management assistance.
Debt relief through bankruptcy alleviates the significant mental and physical health effects that financial struggles can have on your wellbeing, including:
- Stress and Denial: No matter what your own general health conditions are, debt puts stress on your whole life. Not being able to pay that debt exponentially increases that stress. With stress comes many other effects, from digestion and blood pressure issues to anxiety and panic. Many will also deal with this stress through denial, which often increases financial instability and depression.
- Regret and Anger: Owing a lot of debt can also have a lot of social stigma. Everyone handles this unnecessary and harmful stigma differently, but the most frequent negative reactions are regret and anger. Experiencing regret for having incurred debt you can’t repay may cause someone to make even more poor future financial decisions and may cause someone to have an unhealthy fear or paranoia about one’s finances in general. Filing for bankruptcy not only provides debt relief but also helps individuals learn more about how to manage their finances successfully and in a healthy and productive manner going forward.
- Anxiety and depression: While stress, denial, regret, and anger all affect your life and health in many ways, those emotions and others caused by debt can also result in anxiety or depression. Anxiety and depression are more common than many realize. In several studies, more than 50% of those who reported having financial difficulties also suffered from anxiety and depression.
Compared to other questionable and fraudulent non-bankruptcy debt relief options like so-called debt consolidation, debt settlement, or debt assistance programs, bankruptcy is significantly more effective for treating financial instability with long-term positive results. To learn more about how Behm Law Group, Ltd. can help you work through bankruptcy for debt relief in Worthington, MN and the surrounding area, contact us today at (507) 387-7200 or stephen@mankatobankruptcy.com.
