Family finances can be tough. As a matter of fact, financial struggles and arguments still top the charts as one of the biggest reasons for divorce in this country. If you and your family are struggling financially, the last thing you want is for your financial struggles to be the cause of your divorce. That being said, when you finally think that it’s time to go bankrupt, you want to be careful about how you bring the information to your husband or wife.
First, ask your loved one to sit down and talk. Explain your financial situation calmly without giving blame to anyone. Also, don’t mention bankruptcy at this stage of the conversation. Just talk about the problems with the budget. Explain that the income and expenses just don’t seem to match up. Also talk about debts, minimum payments and how things are going on that front. Of course, if you’re thinking about bankruptcy, chances are, they’re not going well.
Once you’ve explained everything to your husband or wife, the most important part is here. It’s time to ask your partner if they have any suggestions of what could be done next. Suggestions that may reduce household expenses or increase household income. Take notes of their suggestions and have a civil conversation about each one. Talk about the positive aspects of each option and the negative. Also talk about if the option is really a viable option. For instance, your partner may bring up a Home Equity Line of Credit or H.E.L.O.C. as an option. But, if you’re upside down on your mortgage, you’re not going to be able to use this option. Without equity in your home, there is nothing to secure the payment of the line of credit.
Once you’ve weighed your options with your lover, you could actually have an option to avoid bankruptcy. However, if that’s not the case, it’s time to bring bankruptcy up as an option. You could start by saying “You now, maybe we should look online for a bankruptcy lawyer in Spring.” or you could say “…a spring bankruptcy lawyer.” however it feels comfortable to you. When you say that, listen carefully to the response you get. Address a concern with sincerity, and make a point not to argue.
At this point, an argument could lead to more arguments tumbling down to the eventual separation of your once loving marriage. No one would want that for you as I’m sure you don’t want it for yourself. Use a tone that you would expect your partner to use with you. If things do get out of hand, don’t walk away, don’t raise your voice. Do everything you can to keep the conversation civil until you come to a conclusion that is a step in the right direction.
Once you’ve had the conversation, if everything worked out well, it’s time to look for a bankruptcy attorney in Spring or whatever city you’re in. You can either do an online search or you can talk to friends and family members.
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Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at Consumerlaw@busby-lee.com.