Helping a Friend Through Bankruptcy


I have been fortunate, even during the bleakest periods, in that I manage to find a solution to financial problems. I have experienced money problems due to hospital emergencies and job downsizing, yet refused to let these challenges get the better of me. If ever a friend has come to me in need, I do my best to help. I wonder, though, how I would help a friend or loved one if he is facing bankruptcy.

Nobody wants to hear that he/she may have to file for bankruptcy in order to relieve debt. It's a scary word if you don't fully comprehend the process. You may have become a recent statistic in unemployment and have had to watch your budget, or maybe you suffered an illness or accident that required a lengthy hospital stay. Things like that can suck up your bank account before you realize it, and you're stuck with bills for other expenses. How do you pay for everything and get creditors off your back?

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What's more, what if you aren't the one who is in trouble? What if a friend comes to you with these problems, and needs help? You may be strapped for cash as it is, and unable to take anybody in. You don't want to not help, but it is understandable if you feel useless while a friend suffers the emotional hardship of his situation. If you have a friend facing a bankruptcy filing, though, there are things you can do to show your support.

1) Simply be there. Be the sounding board if your friend feels the need to rant. Take them out for coffee or offer to make dinner. Listen to what bothers them - you might not have the right advice to deliver immediately, but this type of moral support can help boost spirits.

2) Research options. You may feel reluctant to help if you're not a financial expert. Instead, you can research potential help by asking others for referrals. There are agencies that assist people with financial issues, and bankruptcy lawyers who handle filing and court cases. Collect as much information as you can find and present it to your friend.

3) The issue of money. Money, sadly, can make the difference between preserving and ending friendships. Many people are loathe to lend large sums because they know it will bother them if they aren't paid back. I know friends who simply give as a gift and don't expect reimbursement, but if you find you can't deal with that you should seriously think about whether or not you should help a friend with large debts.

Helping a friend deal with money troubles can prove exhausting, but a show of moral support and little things to improve their mood are welcome in times of need.


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