Easing the emotional burden

Filing for bankruptcy can take an emotional toll on anybody. Largely because it is not a nice situation to be in - socially or personally. Constantly having to see bills that you cannot pay pile up can be disturbing. Have creditors call at insane hours and leave messages at every possible outlet can be frustrating. Considering the present economic climate and the aftermath of recession, the number of people filing for bankruptcy is high and doesn't seem to be on the decline. Despite the social negativity associated with it, filing for bankruptcy can be the most intelligent decision you have made yet.

One of the fall outs of dealing with the bankruptcy is having to break the news to your family. It can be even more daunting if you have kept them sheltered from the family's financial issues till then. You will have to break the news in such a way so as to reduce the shock that is often associated with it.

There is no good way of breaking the news to your family however you can do it in a manner that can cushion the blow. For starters get your spouse into the loop if you already haven't done that. Many people tend to hide facts from immediate family out of shame. But in a situation like this, breaking the news to the rest of the family has to be done with care. Having your partner by your side helps. It helps reduce the emotional burden associated with bankruptcy.

The next step is to consult a good bankruptcy lawyer to help you and the family find the ideal means of dealing with the situation. You have to understand that filing for bankruptcy affects one's credit ratings. But this is a temporary issue. Depending on the extent of your petition, you may even get a discharge or in its place, a reasonably good repayment plan. Tell your family of these options to help them understand that you are not standing at the brink of disaster, but rather have met a road block.

Being as honest with your family as needed is the best way to go about it. Talk to the children together and allow them to ask you questions. It will put their little minds at rest. Emphasize the need for a slightly altered lifestyle and ensure them that this is only a temporary phase. In the case of younger children, you may not have much of an issue, but with older ones you may have to deal with resentment and anger. Family therapy would be a good idea, especially if members are having a hard time coping.

Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer