Before filing bankruptcy, you may have struggled for years to keep up with debt and provide for your family. While no one should jump into bankruptcy without fully understanding the consequences, many people look back and see their bankruptcy as the best choice they ever made. For most people, once their debt is out of the way, they’re able to improve their credit score and make wise financial choices while investing in their future. One of the greatest benefits of filing bankruptcy is that you’ll gain wisdom that you can share with others.
Sometimes people prefer to keep their financial struggles hidden, but I’d encourage you to share what’s going on with a few trusted friends and family members. They can encourage you and keep you on track as you rebuild your life and credit. As time goes on, you may feel more comfortable sharing what you’ve learned, which can be an encouragement to others who are struggling. If a friend is having trouble keeping up with debt payments, you may be able to offer guidance about creating and sticking to a budget, which would help them avoid bankruptcy. You can be an example of how to be disciplined and plan for the future. Additionally, if a friend is dealing with debt that is just unmanageable, you can share your experience and let them know how you’ve benefited from bankruptcy. You may be able to answer their questions and also help them through the process if they decide to file.
Teaching the Next Generation
If you have children, you already know they watch everything you do and learn from the examples that you provide. As they see you sticking to your budget and making purchases using money that you saved, that will become their standard of how to relate to money. Even young children can get involved in simple things like comparing prices at the grocery store. If they receive an allowance, you can teach them some lessons about saving for purchases, making a plan and budget, and generosity.
Depending on the age of your children, you may want to share some of your bankruptcy experience. This can be an opportunity to talk to them about how to deal with disappointments and difficult challenges in life. Over time, they will come to understand that it’s much easier to say no to certain things or to wait until having the money, rather than dealing with debt that hinders freedom in the future. They will pick up on your attitude, so be sure to focus on the positive and stress the importance of responsibility. The healthy financial start you give them will stick with them for the rest of their lives.
It’s not easy to face bankruptcy, and it’s important to exhaust other options before filing. But if you do end up choosing bankruptcy, look at it as an opportunity to learn and grow. You’ve been given the gift of a new start and others may benefit from the lessons you learn. If you’re considering bankruptcy, but aren’t sure if it’s right for you, just give me a call. Together, we’ll come up with a plan to get you and your family back on your feet.