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Tips for handling news of your bankruptcy

On Behalf of | Dec 9, 2023 | Bankruptcy |

Filing for bankruptcy is bound to impact various aspects of your life. Speaking openly with those around you about what is happening may be helpful in some cases over letting rumors take hold.

Rather than letting these rumors run rampant, you can grab control of the narrative by taking an informed approach to sharing the news.

Craft a clear message

Begin by creating an unequivocal and concise announcement that communicates your decision. Use straightforward language that ensures your recipients understand the situation without ambiguity.

Select the right delivery platform

Consider the most appropriate method of conveying your message. Whether in person, through a formal letter or via a carefully written email, select the medium that aligns with the nature of your audience and the level of formality required.

Address confidantes first

Start by alerting those closest to you, such as family members and friends. These individuals are more likely than others to offer support and understanding during this challenging time.

Notify creditors

When dealing with entities to which you owe money, maintain professionalism. Explain the situation and stress your intention to honor your financial obligations.

Tip 5. Avoid using social media

Refrain from sharing online. Social media can be a powerful tool for connecting with a broad audience, but you have little control over who will see your posts. Be mindful that creditors and others may use any discussion about your bankruptcy on such platforms against you.

Seek psychological help

Consider getting advice from a therapist who can provide insights into the emotional aftermath of declaring bankruptcy. Expect a single session to cost between $100 and $200.

Delivering word of your bankruptcy is more important than you may realize, whether the bankruptcy is personal or related to a business you own. The right strategy can help you navigate this task with integrity and grace.