If you haven't discussed bankruptcy with your spouse prior to your decision to file, it is natural to be concerned about what to say during that conversation. Bankruptcy is one of the biggest decisions a couple will struggle with and it shouldn't be handled casually. There are pros and cons to bankruptcy, but in most cases, your decision to file may be one of the smartest choices you can make about your financial future.
When you conclude that bankruptcy is the right decision in your situation, you will want to say the right things to make the conversation with your spouse much easier. Once you sit down for this discussion, here are a few things to say which can ease feelings and express why bankruptcy may be the right decision for both you and your family:
'We don't need to feel ashamed'
Bankruptcy has a stigma that you failed, then instead of staying in the game, you just quit. This cannot be further from the truth. Let them know there is nothing wrong or even immoral about this decision. Bankruptcy is a standard legal process that is widely accepted and put in place to protect people from further financial problems. Some of the wealthiest and most respected citizens have filed for bankruptcy because they understood the financial benefits it would provide them.
'Bankruptcy may make us feel better'
How does a life with no more harassing phone calls from debt collectors sound? How about not being stressed about how you will make minimum payments on time? Discharging medical debt and/or credit card debt may provide a sense of relief but there are some caveats to keep an eye on. Your finances may not improve immediately and high interest rates along with a low credit score will need to be taken into consideration.
'It will be a new start'
Even though your debt is wiped away you will still encounter new financial struggles as you piece your financial situation back into shape. A benefit to the bankruptcy process is taking debtor educational online classes that teach proper budgeting and overall financial training. Once you have a focused financial road map to follow, you will be able to use your money for a better future and start improving your life.
Bankruptcy is an option for those who need it and as wonderful as it may sound in providing a better financial future, you need to make sure it is the right decision for you. But once your decision has been made, the realization to what bankruptcy can mean for you may make the discussions with your spouse easier.