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How to Tell Your Friends and Family About Your Bankruptcy

By Edited Nov 13, 2013 1 0

Revealing Your Money Problems to Your Inner Circle

Money is a personal matter and from a young age, people decipher social cues that discourage much discussion about personal finances and money problems. While this is considered socially correct, it can cause a lot of emotional damage. Every day, people commit suicide, take drugs and drink their worries away because of money problems that they feel are too big to handle. Many of these people also have no one to talk to about their financial circumstances, so it stands to reason that telling your friends and family about your bankruptcy is the right thing to do if it gives you the support system you need to overcome you money worries and get back on your feet.

Approach the issue seriously, as it may come as a surprise to your inner circle that you filed for bankruptcy. They will want to know that you are taking the matter seriously and that you have a plan or solution to work yourself out of the situation you are in and never fall into it again. Be prepared for lectures, advice, concerns and even offers for financial assistance. Chances are, someone will offer to give you a personal loan or a place to live to help you avoid the bankruptcy at all costs.

Your most fiscally savvy and financially sound friends and family may give you information about your credit and how you will be affected for years to come. If you value their friendship, listen carefully and with an open heart, but assertively explain that you've thoroughly explored your options, you understand the implications of filing for bankruptcy and that you feel it is the best choice for you.

Remember that your bankruptcy filing is considered public information, and that anyone with a computer and internet access (and in some cities - a newspaper!) can find out about your bankruptcy filing and many of the details involved in the case. It's best to beat them to the chase and get it over with. After all, it would really stink to finalize your bankruptcy and be clear of the debt for a couple of years, only to have your parents bring it up when the neighbor down the street asks them about their son's bankruptcy that they had no idea about.


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