Knowing you’re in debt that you can’t pay off is stressful enough, but when you add worries about what people in your life might think if you file bankruptcy, the entire situation can become overwhelming. You don’t need to share your financial difficulties with anyone, but you might benefit from the support of your friends or family members during this challenging time. The most important thing is that you feel assured that you’re making the best possible decisions about your money.
Big Decisions
You’ll need to do some thinking and researching before filing bankruptcy to make sure it truly is the best option for dealing with your debt. Take a close look at your budget to see where you can cut costs, and also contact all your creditors to see what payment plans they might be willing to offer you. If you’ve explored every possible way to pay off your debt, then you can confidently file bankruptcy, knowing that it’s the best choice for you in the long run. Once you’re secure in your decision and have chosen which chapter to file, you’ll have an easier time explaining to others if they ask.
Moving Forward
The people in your life might have preconceived ideas about bankruptcy that aren’t based on facts. They may not know how common bankruptcy is, but you can educate them by sharing that over one million Americans file bankruptcy each year. Most cases are due to unfortunate circumstances such as divorce, medical bills, or job changes and lay offs. Bankruptcy is a legitimate option for dealing with debt that was designed to give people a fresh start and opportunity to get back on their feet. Credit counseling is also a mandatory aspect of filing, which helps people learn how to avoid excessive debt in the future.
If your friends ask questions or even give you a hard time, try to keep in mind that they are probably just worried about how bankruptcy might affect your financial future. You can assure them that the damage to your credit score is temporary and there are ways you can quickly improve your score and opportunities to get more credit later. When you start with a small credit card with a high interest rate, making small purchases that you pay off completely each month will increase your score. Most likely, you’ll be able to purchase a car or home again in just a few short years. In certain lines of work, a bankruptcy could be a hindrance, but many employers care far more about your work ethic and dependability.
It’s Your Choice
While your friends’ opinions probably do matter to you, filing bankruptcy is something you’ll need to decide for yourself, and you’re the one who will need to deal with the consequences. This doesn’t mean you need to go it alone. I’m here to walk you through the process and ensure that you’re informed every step of the way. We’ll work together to get your finances in order and your debt taken care of quickly so that you can make a new start.