Discussing Bankruptcy with Family and Friends

Deciding whether to file for bankruptcy and when to file is a tough decision for anyone. It is a very personal choice and the final determination is between you, your attorney, and if you are married, your spouse. There is really no reason why anyone in your personal life needs to know about your financial decisions, including your bankruptcy.

That said there are people who will want to tell family and friends if they choose to file for bankruptcy. For some, the desire to share the information is related to finances. If you have relied on others to help you with bills, or your friends and family members have expectations regarding socializing, gift giving, or anything else that requires money, it might make sense to explain your situation. Making excuses and avoiding people can get awkward in the long-term, whereas sharing your bankruptcy decision is a single conversation that clears things up and allows you to move on.

In other instances, people might choose to tell family and friends about their bankruptcy in order to seek emotional support. If you have an open, supportive network of loved ones, it can help to share your decision. The initial conversation might be uncomfortable, but people who truly care about you will be supportive and allow you to share your feelings concerning the matter.

If you do decide to share your bankruptcy choice with loved ones, there are a few things to keep in mind. These tips will make your relationships fare better in light of your decision and make it easier to move forward with your financial goals.

Advice Concerning Your Bankruptcy Needs to Come from Your Attorney

The best people in the world sometimes overstep their boundaries in an attempt to help. Chances are when you share your bankruptcy decision with family and friends, at least one or two will want to give you advice. Politely thank them and let them know you are working with a professional. Everyone’s situation is different, so what they believe to be helpful advice could actually be detrimental to your situation.

Be Prepared for Disapproval

Hopefully sharing your bankruptcy decision will go well, but this is not always the case. There are people out there who might judge you or be disappointed in you. The truth is you might have made mistakes that led to your bankruptcy, but so what? By filing for bankruptcy you are making a commitment to getting your financial life back on track. Those who care about you will respect that decision and know you are still a great person, despite any financial mistakes.

Do Not Waver

If you have decided bankruptcy is right for you, do not let a friend or family member talk you out of it. There is a difference between consulting someone about whether to file and telling them you have decided to file. If you are unsure if bankruptcy is right for you, discuss your situation with a trusted friend or family member and then consult an attorney. However, if your mind is made up and the process has begun, do not let someone deter you.

Have you decided bankruptcy is the right choice for you? Contact the law office of Frank J. LaPerch, PC for more information about how bankruptcy can help you get your financial life back on track.

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