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4 tips for telling people about bankruptcy

On Behalf of | Mar 12, 2019 | Firm News |

Filing for bankruptcy is a monumental decision. You may feel guilt because of the societal stigma around this choice. Because of this, you may not know how to approach friends or family members about the topic. 

Bankruptcy is not a scary or bad thing. But because it can be stressful to discuss with other people, here are some guidelines.

1. Share only if it is necessary

Remember that most people in your life do not have a clear idea about your finances. With these people, you can assume they will not find out about it unless you tell them personally. There is no reason to bring up an uncomfortable topic unless it is needed. 

2. Focus on your reasons

When you inform the people close to you about your bankruptcy, you should focus on the reasons that caused you to make this choice. For example, you can explain that this is the perfect way to re-start your finances and remove the stress of having too much debt. Pointing out the benefits will help keep any anxiety or fears at bay.

3. Be upfront with your spouse

There is virtually no question that you should be honest with your spouse about your bankruptcy. This is a significant decision that will impact your spouse one way or another, so it is vital to get it out in the open as soon as possible. Hiding this part of your life will only make things worse.

4. Do not share unnecessary details

This tip is mostly for when you get questions from a friend or family member. While this curiosity is understandable, it can be frustrating and annoying. There is no reason to tell everyone about how much you owe or who your creditors are. 

Do not be afraid that anyone will judge you for your decision to file for bankruptcy. It is a beneficial process that can help you rebuild your financial situation. 

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