Filing for bankruptcy may seem like a tremendous concession; however, when bills are piling up and creditors are filling your voicemail box, you may have few alternatives. More than a million Americans filed for personal bankruptcy in 2009, and the numbers do not seem to be declining. Despite the stigma of bankruptcy, it can be a very beneficial route for people who are in a financial bind.
One of the many concerns of people who are facing bankruptcy is how to present the hard realities to their family. This anxiety can be especially powerful if one person is solely responsible for the household's finances. If you have not kept your family up-to-date on financial matters, the news of bankruptcy may come as a shock.
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Tips for Breaking the News
When telling your family about financial hardships, there are a few tips which may make the news easier to accept:
• Consult your spouse first. If you have not informed your significant other, this is imperative. The sooner you tell them, the better. Oftentimes people are ashamed of their financial difficulties, so they try to hide it from their families. Unfortunately, this is not just a recipe for financial ruin; it may devastate your marriage, as well. Speak with your spouse about the best way to recover. Together, the two of you can come up with a game plan.
• Consult a bankruptcy attorney to learn about the ways that bankruptcy can help. Filing for personal bankruptcy may affect your credit; however, this is only temporary. The immediate benefits may make bankruptcy worth your while. Outstanding debts may be discharged or consolidated into a reasonable payment plan that can help you emerge from debt.
• Tell your children the truth. It is best if both parents speak to the children as a unified force. During the discussion, encourage questions. Be sure to explain to your children that certain lifestyle changes are mandatory. A child's ability to cope with repercussions of bankruptcy largely depends on their age. Younger children may not notice a difference, while older children may experience resentment and anger.
• Consult a therapist. If your family is having an especially difficult time coping with the realities of your financial hardships, you may want to consider going to a family counselor. Lifestyle changes and communication barriers may negatively affect relationships. Attending therapy sessions may help release repressed frustrations.
Filing for bankruptcy is a complex undertaking. If you are in a financial rut, an experienced attorney may be able to help. For more information about how bankruptcy can resolve your debts, or for assistance filing for bankruptcy, contact the West Palm Beach bankruptcy attorneys at the law office of Eric N. Klein & Associates, P.A.
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