Bankruptcy Education and Recovery

Fri, Jul 3, 2015

Bankruptcy

5617089955_d20fe0f1ab_bEducation about bankruptcy does not usually happen until you or someone you know is facing it. Often, an opinion about bankruptcy is formed with inaccurate information or from societal jokes and innuendos—sort of like locker room talk. Before you even know it, you have opinions and thoughts that cloud the issue.

This behavior is not always the fault of those spreading false information, since very little is taught about bankruptcy from those in a position to do so. Sadly, very little is taught about budgeting or saving and practical ways to avoid bankruptcy. So, it becomes a vicious cycle of spending without saving. It is very important that a good financial example is set for today’s youth. This could include talking about how a bankruptcy in the family occurred and ways it could have been prevented, for example, including talk about emergency funds, saving, using more cash, etc.

The only way to break bankruptcy cycles is education. Education to prevent bankruptcy, education about the bankruptcy process, and societal education to help those going through it (both those in the situation and those who know someone in the situation). While education about bankruptcy is required during the legal bankruptcy process, it’s a little late in the game for many. But it’s never a good idea to just disregard the education you receive in the process or fail to pay good attention.

This link to the United States Bankruptcy Court, Middle District of Florida has links to FAQs about bankruptcy and the process. It’s important to understand how it will go. Our website, www.chrissmith.com, also has helpful information explaining the bankruptcy process.

Most importantly, make sure you survive the bankruptcy process with your mental health intact or that you help others you love survive the process well. Consider bankruptcy to be like any major life crisis by treating the situation with care and respect. Make sure that you are supportive and that you give time for an adequate recovery process to be sure that a “relapse” of sorts does not occur. Always assure yourself or others in the process that they are not alone. And know that there is light at the end of the tunnel.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification.  SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, estate planning, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

Image: Some rights reserved by Sean MacEntee

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