If you’ve fallen behind on bills and decided that filing for bankruptcy is the answer, you’re eventually going to have to discuss it with your spouse. While discharging debt will undoubtedly provide the fresh start you need, discussing your financial struggles can be hard. By keeping the following tips in mind, though, you can ensure the discussion is as productive—and positive—as possible. 

How to Discuss Filing for Bankruptcy With Your Spouse

1. Go Over the Logistics

Research what filing for bankruptcy would mean for you both: the process, the potential outcomes, and its long-term implications. This will provide a solid foundation for your conversation and help you both see the situation objectively. Understanding the logistics can also prevent any surprises during the bankruptcy process and help you plan for the future effectively.

2. Avoid Assigning Blame

Financial struggles can cause a great deal of strain in a relationship, and it's easy to start pointing fingers. However, blaming each other will only increase tension and hinder productive conversation. Instead, focus on the situation at hand. 

If one of you has a spending problem, it needs to be addressed, but the first step to regaining your financial footing is discharging all applicable debts. You can discuss various ways to cut household spending at a later date. When breaking the news about bankruptcy, keep the conversation focused solely on that to avoid causing conflict.

3. Communicate Openly and Honestly

Honest communication is the cornerstone of any successful relationship, and it's especially crucial when discussing something as significant as filing for bankruptcy. Don't hide your feelings or fears from your spouse. 

It's okay to be scared, but expressing your concerns can lead to finding solutions together. Open communication will also make your spouse feel included in the decision-making process, reducing the chances of resentment or misunderstandings later on.

4. Devise a New Budget

Filing for bankruptcy is not only a legal process but also a financial reset button. It provides an opportunity to assess your spending habits and create a new budget. 

Discussing this budget with your spouse will give you both a clear understanding of your financial situation and help you make more informed decisions moving forward. This budgeting exercise is also a chance to identify unnecessary expenses and prioritize your spending, which can prevent financial hardships in the future.

When you’re ready to commence the bankruptcy proceedings, turn to We The People of NY in Manhattan. For more than 25 years, this locally owned and operated company has provided legal document preparation services. Whether you’re filing for bankruptcy or divorce, you can rely on their knowledgeable team to execute all the necessary documents. To learn more about their services, visit their website or call (212) 633-2200.