If you’re thinking of filing bankruptcy, you’re probably wondering how you can discuss your decision with loved ones and help them to understand your choice. Below are a few tips on how you can talk about your bankruptcy decision with the people you care about most.
- Discuss the morality of it. One of the biggest fears bankruptcy debtors have is that others will judge them, and view them as skipping out on their debt responsibilities. If you’re feeling judged by loved ones, let them know that there is nothing immoral about bankruptcy. In fact it is a legal process that was instituted to both protect debtors and ensure that our economy remains vibrant. From founding fathers to multi-millionaires, all types of individuals respected by society have filed for bankruptcy.
- Discuss forgiveness. Whether you are religious or not, you might find it interesting that bankruptcy has its origins in the belief that a person’s sins should be forgiven every seven years. Many religious figures believe in forgiveness, and the U.S. court system believes that debtors should have the opportunity to have their debts forgiven when necessary.
- Highlight the benefits. If you’re discussing bankruptcy with your spouse, make sure that you mention how bankruptcy will free up money that you can use to save for your future. You should also work with your spouse to create a plan for using that extra money to improve your lives.
- Focus on the future. Talk about how your attitude towards debt has changed: If you’ve gone through the bankruptcy debtor education program, then you’ve probably learned a few budgeting and financial tips that will help you to avoid financial trouble in the future. Work with your family to create a new financial plan, including a monthly budget that will keep you paying bills on time and saving for such things as retirement. And don’t forget to put money away in an emergency fund that will be there when you need it.
When discussing your bankruptcy with loved ones, don’t focus only on why you’ve made your decision, also discuss how your decision will positively impact your future.