Snooping Neighbor (small)Bankruptcy carries a stigma that is unwarranted. This legal process simply allows you to get out from under onerous debt and gives you a fresh start. In many cases, the only people who know about your bankruptcy are your legal team and your immediate family. Your mail carrier may know as well, but they’ve been delivering your dunning and collections notices for years and pretty much know what’s up with every family on the block.

Deciding who to tell about your bankruptcy is up to you; people may be a lot less interested in your finances than you think, particularly if you don’t seem shamed or embarrassed by this common process.

Who to Tell

You really don’t have to tell anyone; even if you file for bankruptcy, your neighbors may not need to know about it at all. If you owe money to a local business or to someone who will be notified via the legal system, then getting out in front of the news is an option if you are concerned about gossip.

When to Share

If you decide to discuss your financial situation with others, the best time to share the news about your bankruptcy is after you file. You’ll feel better knowing you have made a decision, be under less stress from creditors and also be less likely to be the recipient of unwanted advice from your friends and family.

You Never Know

There could be more of a financial struggle than you know lurking behind those neat trimmed hedges and the fancy car in the driveway. You never know what your neighbors are experiencing; almost everyone experiences financial difficulties at one time or another. If you need to file for bankruptcy, you are not alone — even in your own neighborhood. You don’t have to feel like you are the only one with problems or the only one who has had to make this decision, whether you share the news or not.

The best part of dealing with your bankruptcy is ironically the peace that comes with actually filing. Once you’ve filed, the phone calls, dunning letters and threats from your creditors will come to an end, resulting in overall lowered stress. You’ll also be taking the first step towards a better financial future so you have plenty to look forward to in the years to come, contact Clark & Washington to get started today — we promise not to tell anyone.