If you’re struggling to pay your debts, you may be thinking about filing for bankruptcy. Bankruptcy can get rid of most of your unsecured debts and help you get a fresh financial fresh start. However, you may be nervous about telling your family members about your decision. After all, bankruptcy still gets a bad rap sometimes. You don’t want your loved ones to look at your differently. Here are some helpful tips for talking about bankruptcy with your family.
Let Them Know That Bankruptcy Isn’t Immoral
A common misconception people have about those who file bankruptcy is that they’re skipping out on their financial responsibilities. However, there actually isn’t anything immoral about bankruptcy. If you’re worried that your family members think that bankruptcy is wrong, reassure them that it’s not. Explain to your loved ones that bankruptcy is a legal process that protects individuals in debt and doesn’t hurt the economy.
Discuss the Benefits
When you first mention filing for bankruptcy to your family, they may immediately think about all the negative aspects of it. Your loved ones may think about how your credit will be ruined forever and that you’ll have a tough time getting approved for loans in the future. That’s why it’s important to remind your family about all the positive aspects of bankruptcy. Explain that while your credit will take a hit in the beginning, you can start rebuilding it right away and establish good credit in no time. Also, tell your loved ones that bankruptcy will free up the money you were spending on your debt. You can now put more of that money away and save for the future.
Talk About How You’ve Changed
While discussing bankruptcy with your family, don’t forget to mention how your attitude towards your finances has changed. Tell them about all the budgeting and financial tips you’ve learned lately and how you’ll use them to help you steer clear from financial troubles in the future. If your loved ones realize that you’ve learned something from all of this and are taking the proper steps to improve your finances, they’ll feel much better about you filing for bankruptcy.
Hiring a Bankruptcy Lawyer
If you’ve made the decision to file for bankruptcy, you may be wondering if you should hire a bankruptcy lawyer or just take care of it by yourself. While you’re allowed to file on your own, it’s not recommended. Bankruptcy is a complex legal process and it’s easy to make mistakes if you don’t have a legal background. An experienced bankruptcy lawyer can help you file for bankruptcy in a timely fashion and help you avoid mistakes that could slow down your case.