Once you have been declared bankrupt, under the bankruptcy law all assets that belonged to you, including your home come under the control of a Trustee. The first things to ensure is that you have a good bankruptcy lawyer. If you have dependants, a respite of twelve months is given to find alternative living arrangements. However, at the end of that period, the property will be put up for sale. A court order may come into place if this is not adhered to. If the property is in joint-ownership, the other party may be allowed to make an offer to buy out your interest.
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The other critical ramifications of bankruptcy are having the stigma of declaring bankruptcy attached to you and the restrictions placed upon you for certain transactions. A bankrupt person may open a new bank or building society account but is under liability to disclose the fact that he is bankrupt which may result in the bank or building society imposing certain conditions and limitations. He will not be allowed to obtain overdraft facilities or check books, as they are likely to be dishonored. The bankrupt person must inform the Trustee of any funds available in the account, which if in excess of normal living expenses, will have to be distributed among the creditors by the Trustee. He cannot conduct business directly or indirectly in any name other than that in which he was made bankrupt, be involved directly or indirectly in promoting, forming or managing a company without the Court's permission or hold certain public offices.
Once the bankruptcy proceedings have ended, you can start afresh. The court order will end your responsibility for dischargeable debts. The order will not affect non-dischargeable debts such as alimony, child support and educational loans. After the bankruptcy, your creditors will no longer be able to collect the discharged debts. Since you cannot file again for Chapter 7 for eight years, it may be easier for you to obtain a mortgage loan or installment credit for an auto.
Besides the practical and financial effects of bankruptcy, the psychological and emotional impact on the debtor is enormous. Since a person's self-worth is often linked to his financial status, loss of money can cause a loss of identity, self-esteem and confidence. Besides the economic security that money lends to a person, it is also viewed as a powerful tool in building relationships and thus bankruptcy may lead to a loss of interpersonal power. People start questioning their trust in themselves, in others and in the world at large. Realizing that you have to start your life all over again, without the ability to fulfill life-long goals and dreams can be painful and difficult.
In order to deal with the effects of bankruptcy, one must work towards the following goals:
Learning to deal with practical realities keeping comfort in the fact that as soon as the financial situation starts improving, things too will fall under control.
Ensuring that old mistakes are not repeated and future financial security is taken care of by learning new skills.
Being able to release the negative emotions of resentment, blame, loss and anger so as to move on.
Even though bankruptcy may feel like the end of life, it would be prudent to exercise self-compassion and start afresh.
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