Talking to your family about bankruptcy

 Posted on February 15, 2021 in Tax Debt

When you decide to file for bankruptcy protection in Maryland, you may encounter experiences where your family and friends ask about your situation. Bankruptcy is nothing to feel embarrassed about and can actually provide new opportunities for a brighter future.

Knowing how to address inquiries about your situation can help you to feel prepared and confident. You can share the benefits of your decision and highlight how your experience has enabled you to make positive changes in your financial habits.

Protecting details

You are under no obligation to share information about your bankruptcy with other people. As such, if people ask about your situation, you can create a concise answer to satisfy questions without oversharing. When you give too much detail, you may feel self-conscious about what others may think of you.

As a general rule of thumb, you should never give too much information about your financial situation anyway because people may view you as incompetent and lose trust in your ability to manage money. This could affect future opportunities.

Highlighting benefits

Bankruptcy has a host of benefits that you can highlight to your family and friends to help them view your situation positively. According to the Bankless Times, some of the benefits of bankruptcy include the following:

• Protect your car from repossession
• Protect your home from liens
• Prevent wage garnishment
• Stop collections harassment
• Avoid unaffordable payment plans

You can provide firsthand experiences about how your decision has improved your life. You can also tell your family about your plans for developing healthier financial habits to prevent ongoing money problems. Sharing your goals can give you the accountability to stick with the changes you desire to make.