How to Discuss Bankruptcy with Family and Friends

Bankruptcy is a personal choice and can be a difficult topic to discuss with your loved ones. Some people might feel obligated to share their decision with friends or family if they have turned to these people for financial support in the recent past. Of course, if your bankruptcy and overall financial situation will cause you to avoid family gatherings and social events, it might be easier to be upfront and honest instead of making excuses and damaging close relationships.

Ultimately, your decision is between you, your attorney, and if you are married, your spouse. However, some people are comfortable enough with their loved ones to talk openly about their bankruptcy.

Regardless why you decide to share information about your bankruptcy with loved ones, there are a few important things to keep in mind. These tips will make it easier to move forward with your financial goals and balance your personal relationships with your financial choices.

Prepare Yourself for Judgment

It would be nice if every single person in our lives could support us without judgment, but that is rarely the case. People often attach financial status and personal character and assume if bankruptcy is necessary, a person is irresponsible. The truth is mistakes might have led you to bankruptcy, but what difference does that make now? You are taking action to get your life back on track at this moment and that is what is important. Those in your life who care about you and respect you will understand and support you despite your prior financial missteps.

Turn to Your Attorney for Advice

Certain life events – pregnancy, marriage, buying a home, financial hardship – seem to bring the advice givers out of the close. Your loved ones mean well, but they can overstep their boundaries when it comes to giving you a list of “shoulds” and “should nots” regarding your bankruptcy. The best thing you can do is offer polite thanks and assure them you are working with an experienced professional. Every bankruptcy situation is different and you need to rely on your attorney for advice.

Do Not Back Down

If you have made the commitment to bankruptcy, there is no reason why a friend or family member should talk you out of it. You know what is best for your situation and any horror story or warning should not change that. The important thing for you is to make smart choices about your situation and work with an experienced professional. If your cousin or brother-in-law or anyone tells you about their terrible experience, you cannot let it deter you. Do your research, understand your options, and make your decision based on that information.

If you believe bankruptcy is right for you, now is the time to act. Contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your options and get the support you need to get your financial life back on track.