Being in money troubles can cause or exacerbate existing mental health issues, including anxiety, PTSD, and depression. Finding yourself constantly under stress, worrying about keeping a roof overhead, food on the table, paying off student loans, or even just making minimum payments on credit card debt wears you out when it goes on month after month, year after year, with no real end in sight.

First, let’s look at the symptoms of these disorders:

First of all, if you are experiencing any of these issues, you need to seek mental health treatment immediately. It’s not a matter of “pulling yourself up by your bootstraps” or toughing it out – it’s a matter of getting the treatment and therapy you need to get a grip on your finances and future. See links below for mental health resources in Broward and Palm Beach counties.

• Mental Health Resources for Broward County
• Palm Beach 211 Resources

Dealing with Depression and Money Worries Step By Step

There are no magic wands to make this go away, and you can’t rely on winning the Powerball. However you arrived in this confluent crisis of mental health and finances, you’re going to need professional help for both to get through them. The first thing you need is to organize your paperwork that documents your financial woes.

You’re going to need the following:

• Tax returns for the past three years
• Bank statements for all accounts – checking, savings, HSA, 401K/IRA or other pensions, college fund, money market, and CDs.
• Statements for any stocks, bonds, or other financial vehicles such as annuities.
• Payment records for rent, mortgages, vehicle payments, and student loans.
• Records of medical expenses including hospital bills, rehabilitation bills, prescriptions, office visits, home care, etc.
• Payment records for all creditors – credit cards, personal loans, store credit cards, utilities, etc. If you pay it, bring it in.
• Legal records. These can be previous bankruptcies, prenuptial or postnuptial agreements, divorce with spousal and child support orders, and lawsuits which have resulted in judgments against you.
• Lawsuits that are pending against others – such as personal injury, malpractice, suits against business partners, and so on.
• Record from previous any previous attorney.
• Insurance policies – all of them.
• Vehicle titles
• Deeds
• Mortgage or lease agreement
• Promissory notes and records of debts owed to other people
• Cancelled checks or credit/debit card statements for undocumented expenses.
• Correspondence regarding and with creditors, including any threat letters, collection actions, or lawsuits for which you have been served.
• Proof that you are owed money by people or other entities.
• Records of other assets that you own.

This list looks overwhelming, so just break it down line by line. Once you’re organized, you can start your climb out of debt by reaching out to a bankruptcy attorney.

“Whoa! Wait! Bankruptcy?”

Seeing a bankruptcy attorney is not the same thing as declaring bankruptcy, in fact seeing an attorney about your debt can give a clearer picture of how to proceed toward getting free of the debt that is keeping you in a cycle of depression and debt. Depression and money worries are a pairing that can feed off one another. Getting out of the debt can have a significant effect on reducing feelings of depression.

You may not even need to file for bankruptcy. A bankruptcy attorney can guide you into debt reorganization, or a legitimate consolidation loan, or into financial counseling that will help you get a grip on your spending while helping you to pay down debts. Bankruptcy – because of limitations on filing – is always a last resort and should only be considered when all other approaches have failed.

“But What Can I Do Right NOW?”

Well, there are two approaches to take the first one is taking care of yourself and your mental and physical health. The second is – if you have the extra cash – working on getting into better financial shape.

Come See Us!

Get started on your road home – free of depression, anxiety, and the debt. We’ll give you the best advice we can offer in a free consultation. We’re open seven days a week in West Palm Beach and Fort Lauderdale, and – again – your first consultation is FREE.