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Protecting Your Relationship from Bankruptcy

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Protecting Your Relationship from Bankruptcy

Bankruptcy obviously has many unwanted consequences, but the effects of this unsavoury legal status can flood over into your personal life, devastating your relationships and turning your once fiery love sour. But if you handle the situation correctly, you can avert the silent treatment…

Your family relationships are the first to be in the line of fire, especially your relationship with your spouse. Once your finances start to drop, everyone might start to play the blame game and try to withdraw themselves from the situation. You will need to communicate with your spouse and immediate family to work out the ways of solving your problem on a mutual basis. Don’t allow emotional stress to overtake you and have you withdraw and refuse to discuss the situation.

If you share common debt with your spouse (e.g. Clothing and personal items), stop doing so immediately. The moment one spouse can’t rely on the other to take care of their debt; their spending habits will improve drastically as they hesitate to buy on debt in the future. If you are overwhelmed by shared debt, you will need to consult a reliable Houston bankruptcy lawyer to control your debt.

Once you file for bankruptcy in your area (Houston has many firms, from a Shoreacres bankruptcy lawyer to a Tomball bankruptcy lawyer), you will have to start monitoring you’re spending habits and cut back on even the lowest-priced items. This will pose a challenge to your personal relationships as spending time with your friends becomes almost impossible. Opt for low-cost activities to keep you busy, there is no need to overspend on true friendships.

To reconcile your relationship with your spouse, set up a realistic budget that both of you contribute too equally. This way, neither of you will feel burdened by the other, and you will pull your fair share of weight to solve the problem. Consulting a Houston bankruptcy lawyer together will enable you to sort out these financial contribution problems. Visit a lawyer in your location (Shoreacres bankruptcy lawyer, Tomball bankruptcy lawyer) to start managing your debt as fast as possible.

To settle your debt under Chapter 7 of the United States Code you will need to surrender some non-exempt items to creditors for repossession. This can be very distressing for your family, and you should discuss the possibility with your household beforehand to avoid quarrelling over this issue when sentimental property is removed from your lives. In some cases you will also need to sell high-cost property, maybe even your house. Again, make sure your family is prepared for the sacrifice.

If you are going with an option to pay off your debt, like in Chapter 13, then you will need to also discuss the funding that will be generated to pay off your remaining debt. Make it clear that debt is no longer an option for your household without being insensitive and destructive.

If you work with your loved ones to solve bankruptcy, rather than succumbing to the stress associated with the process, you will emerge with strong relationship ties and endure the trying times without losing anyone close to you.

Please visit our website for more information about us and bankruptcy.

Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at Consumerlaw@busby-lee.com.