Preparing for bankruptcy is certainly not something you had hoped to be doing. Occurrences like being unemployed, going through a divorce, or difficult medical problems can quickly have devastating financial consequences. Those who have ordinarily been financially responsible may suddenly realize they are being suffocated by debt. It is during these unfortunate times that it may be best to seek legal advice relating to the possibility of filing for bankruptcy. If this is your only option, it’s best to take a few steps to prepare your family for the outcome.

Discuss The Issue

First, it is best to address the situation directly with your family. Communicate that you are going through a difficult transitional financial period. If it is necessary for your family to move, there may be some expressions of frustration and anger. Remain confident and optimistic when explaining the situation and indicate that you are working with a lawyer to get legal advice on the situation.

Identify Ways To Save

Empower those in the family to determine several ways they can help to trim costs. Each family member’s individual efforts can really add up when compiled together. Put together a list to illustrate that a team effort is underway. Provide reassurance that limiting expenses is necessary in the short-term to get back on stronger financial ground.

Financial Improvement Plan

After you have identified the strategy of reducing expenses, it is important to define how you will boost income. Perhaps you are pursuing better job opportunities or adding a second job to heighten income? Identify goals outlining the time-frame and update progress with emphasis on any positive steps that are underway.

Make It A Learning Experience

Use this negative experience to illustrate that such bad situations will arise. The lessons of responsibility and resiliency can be learned firsthand by the members of your family.  Emphasize the importance of not giving up when times are tough, and try to set a good example as you move forward by being financially responsible. Stay focused on avoiding old patterns of poor spending and accruing unnecessary debt.

When you find yourself unable to manage your debt, bankruptcy may be the solution necessary to enable you to obtain the second chance that you need. For over 35 years, Thomas A. Corletta, Attorney at Law has been an advocate for those in the Rochester, NY, area with issues such as bankruptcy and family law. His clients receive the individualized and personal legal advice that leads to positive outcomes. Contact the office at (585) 546-5072 to review the details of your case, and visit online for an in-depth look at his practice areas. You can also find the law firm on Facebook.