Using your bankruptcy experience to help others

It can be a humiliating experience to file for bankruptcy. You may have always had your finances under control, but an unexpected event or series of financial decisions may have resulted in debt you may never be able to repay. There is nothing to be ashamed of; Many people file for bankruptcy each year, and it is designed to give you a fresh financial start. This is a good time to assess your spending habits and reset your budget. You’ll also want to make some plans to help avoid debt in the future. An added benefit of filing for bankruptcy is that it makes you a resource for others who are struggling financially. Once your bankruptcy is resolved, you will most likely feel relieved and know that it was the best decision possible.

Encourage friends and family

Bankruptcy is an experience you will learn from and you can use what you have learned to help others. Your friends and family will see the financial choices you make, like saving for purchases instead of using a credit card. They will see the freedom and stress relief that comes with being free of debt and interest payments. If you have friends who are struggling with debt, you may be able to help them create a new budget that will keep them from going broke. Or they may be at a point where bankruptcy is their best option, and you can help them as they prepare to file. They will see how they came out better on the other side of bankruptcy, and this can also give them hope for their future.

Children learn by example

Whether you are a parent or not, we all want the next generation to be successful and happy. That starts with education and encouragement, and most people learn best by looking at the examples of others. When children see adults working to save money and being disciplined in their spending, it becomes their norm and sets them up for a future with less debt. If you have children, you can help them create a budget or decide how they will save or spend financial gifts they receive or money they earn. You can also teach them to shop wisely and compare prices when shopping together.
After your family experiences a financial setback, it’s possible to come out stronger and more united on the other side. You may not choose to share all the details of your finances with your children, but this is an opportunity to reassure them that you have things under control and are taking the necessary steps to make sure they are well taken care of. Money is not necessary for a loving childhood, and all the lessons you teach your children now will shape who they are and what they value.

make the best choice

Bankruptcy is nothing to enter without first considering alternatives, but for many people, it is the fresh start they need to get their finances back on track. This choice not only affects you, but can be beneficial to the people you love and interact with. If you’re not sure how to handle your debt, give me a call so we can make the best plan possible.