How to Tell Your Family You Need Bankruptcy Services

When an individual is drowning in red ink and needs bankruptcy services in order to dig out, he or she might be nervous about telling family members about it. Although there are lots of people in the exact same boat, many who’ve decided to file for either Chapter 7 or 13 are ashamed. They may fret and worry about what others will think.

Due to the economic slump in the United States and around the globe, there are many hard working, taxpaying citizens who have suddenly found themselves in dire circumstances. Many workers have lost their jobs when the businesses that they worked for went under. Homeowners who were paying mortgages quite responsibly were shocked to not only lose their jobs but to find that their houses were worth much less than they paid for them. This meant that they couldn’t sell their properties unless they could come up with the difference at the real estate transaction closing.

Because health care coverage is so spotty, any person who became ill or injured due to an accident might become swamped with hospital and doctor bills. Some chose to pay these bills with credit cards, only to find themselves being strangled by compound interest and debt. Sometimes, the only answer to a bad financial situation is to file bankruptcy. Now, how are the filers to tell their family members about it? Here are some things to think about:

Spouse and children

In one’s immediate family, sometimes one partner has been in charge of paying the bills and didn’t share many of the red ink details with spouse or children. To come to a point where it’s time to let them in on the current economic status can be a hard conversation. The person should relax, however, and get this news off his or her chest. Chances are that the spouse and offspring knew something was wrong and will likely be relieved that the pressure will soon be relieved. Hidden secrets are never good for building intimate relationships and they can be downright toxic to the person holding on to them.

Parents and siblings

If a person’s extended family is close-knit, it is likely that they will rally to support the filer. If parents and siblings are not close or are judgmental and likely to offer harsh criticism, it may be wise to not let them in to the inner circle. If a person has the support of spouse and kids, he or she will get through it emotionally intact.

Grandparents, aunts, uncles and cousins

This next level of relatives can be brought into the situation in much the same way that parents and siblings were. If they are close confidants and likely to be supportive, it may be helpful to share the news. If they’re not likely to be supportive, it may be wiser not to tell them.

Deciding to obtain bankruptcy services to clean up one’s financial life can be a healthy choice. Having the support of immediate family and/or close friends can ease the burden. Telling the rest of the extended clan may be helpful if they are a tight-knit, compassionate bunch. If not, it’s wiser to keep that part of life private.