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Bankruptcy FAQ

How will you discuss bankruptcy with your family?

On Behalf of | Jun 14, 2019 | Personal Bankruptcy

If you come to the conclusion that bankruptcy is the best way to improve your finances for a better future, it’s time to push forward with the appropriate steps.

Before doing so, it’s important to discuss your decision with your family. This is particularly true of your spouse, as they need to be included from start to finish.

Here are some tips to follow when discussing bankruptcy with your family:

  • Be open and honest about your financial situation: This is no time to stretch the truth. Let your family know what happened in the past, and how you expect bankruptcy to help you in the future.
  • Discuss the benefits: Many people look down on bankruptcy, but that’s because they’re not familiar with the benefits. For example, if you’re filing for Chapter 13 bankruptcy, explain how the repayment plan allows you to pay off some or all of your debts.
  • Focus on what’s to come: You can’t fix the financial mistakes you made in the past, so the best thing you can do is focus on the future. Talk about the many ways bankruptcy will improve your financial life, such as through the discharge of some debts.

It’s never easy to discuss bankruptcy with your spouse or another family member, but it may be something you have to do. By taking the right approach to the conversation, you can ease the other person’s mind and put yourself in a position to proceed.

Once you’re on the same page as your family, it’s time to file for bankruptcy and take advantage of the many benefits it’ll provide.

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