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Photo of attorneys Shelley Slafkes and Bruce Levitt
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Mental Health and Bankruptcy

On Behalf of | Jul 29, 2016 | Bankruptcy Basics

Debt can leave you feeling hopeless, anxious, and like a failure. If you are among the 35% of all Americans who have delinquent debt, it is important to know that you are not alone. The average American household in default owes $5,178, mostly in a mix of credit cards, medical debt, and utility bills.

Delinquent debt costs more than just fees and interest. It has a real effect on your mental health and ability to cope with stress. We have known for years that debt is one of the most common causes of anxiety and depression. What is surprising is the sheer number of people suffering because of debt. A recent study found that people with delinquent debt are three times more likely to be suffering from anxiety, depression, and other mental health conditions.

This effect is amplified when your ability to make mortgage payments is at risk. The mental health effects of a foreclosure or threatened foreclosure have been found to rival only divorce and job loss in its ability to cause mental distress. Moreover, during this financially difficult time, many people also lose their health insurance and are also cut off from health services. This is because people are skipping doctor’s appointments and even medication for financial reasons. 

The attorneys at Levitt & Slafkes, P.C. want you to know that it does not have to be this way. Debt is a temporary problem that does not need to define your life. At Levitt & Slakes, P.C. we can help you examine all of the options and decide if bankruptcy is a solution for you. Declaring bankruptcy can quickly put an end to creditor harassment and give you more control over your financial life. When you file for bankruptcy, the court grants an automatic stay that not only stops creditor harassment, but also stops foreclosures, wage garnishment, and utility disconnection. For many, the automatic stay provides the peace of mind they need as they restart their financial life after bankruptcy.

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If you are struggling with debt, we can help. Our attorneys help clients throughout New Jersey take the steps necessary to reclaim control over their finances. Now is the time to schedule a free initial consultation at Levitt & Slafkes, P.C. to see what our attorneys can do to give you a fresh financial start. Contact our attorneys online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.