Surviving the Emotional Toll of Bankruptcy

Maybe money can't provide happiness, but it can certainly inspire negative emotions, including sadness, grief, and shame. Those are just a few feelings people may experience when they claim bankruptcy. Chapter 7, the most common form of consumer bankruptcy in the United States, involves handing over one's non-exempt assets to a trustee, who then allocates funds to the filer's creditors, eliminating all or most of his or her debts. With Chapter 13 bankruptcy, filers undergo a financial reorganization to pay off debts with a goal of preserving assets, such as an estate. Those who file for Chapter 7 are typically people who find themselves in such financial ruin that it's not worth filing for Chapter 13.read more at:http://money.usnews.com/money/personal-finance/articles/2013/01/18/surviving-the-emotional-toll-of-bankruptcy