Explaining Bankruptcy to Your Family

Filing for bankruptcy can be a good decision for some because it may allow for a fresh financial start or may alleviate financial pressure, but it also brings some challenges. For many people, discussing bankruptcy with family may be a certain challenge. Most people find that disclosing financial troubles – including bankruptcy – to their families is a difficult thing to do, but it may be beneficial to share the situation with immediate family, especially if they may be affected by it.

Talking About Bankruptcy with Family Members

When you file for bankruptcy, it’s likely that by the time your bankruptcy paperwork is filed, you and your family will have already had some conversations about the changes in your household money situation. Unfortunately, some of these “conversations” may be loaded with stress, angst and misunderstandings.

For many, the best way to address bankruptcy with family is to be honest about it and to talk about the changes that may be coming to your household. You and your family may need to cut back in some areas of your budget, and working together is the best way to make those cuts workable. If you’re relocating, discuss your family’s feelings about the coming change and ways to ease the transition.

Younger children won’t understand the details of bankruptcy, but older children and young adults can benefit from a basic overview of the process. There’s no need to place blame at this time; even if you’ve made mistakes, try and focus on the fact that you’re doing your best to recover from the financial crisis.

Bankruptcy can be hard on a family, but you don’t have to face it alone. Having a bankruptcy attorney on your side may make the process go more smoothly. Set yourself and your family back on the road to greater financial stability in the future and call 888-584-9614 for a free consultation with a lawyer at Warren & Migliaccio in Richardson, Texas.