Bank finance articles and tips

For some of us, paying bills is a difficult, and sometimes, impossible task. We are forced to make every day purchases with a credit card, and we screen our phone calls for debt collectors.

For some of us, there is the slow but sure realization that bankruptcy may be the only solution. Here's how to handle the emotional effects of bankruptcy.

The situation may seem out of our control, and that is the first thing that needs addressing. Strong emotions are difficult to avoid in these often critical situations. Bankruptcy trustees are apt advisors who should begin by allowing you to feel heard. More importantly, however, trustees empower you with the information that will enable you to make level-headed and strategic decisions about your assets and your future. They should assist you, first and foremost, in regaining control of your financial future.

In the event of bankruptcy, you will be working closely with a bankruptcy trustee to build your case. A qualified trustee will listen to the specifics of your situation and take the time to explain, in detail, what to expect and where to start. He or she should be an ally in your endeavor to solve your debt problems, and should tailor solutions to your specific post-bankruptcy goals.

In fact, this is a vital discussion to have with your trustee. He or she will also suggest alternative solutions to bankruptcy; despite his title, a trustee's expertise ranges far beyond filing for bankruptcy. Involve your bankruptcy trustee in the decision process when considering different options; his experience will likely prove invaluable in helping you make a decision best suited to your lifestyle and financial goals.

Many of us find ourselves in a difficult financial situation at one time or another; such anxiety-wrought times are probably the best time to seek out the professional advice of a bankruptcy trustee. The choices you make at this time are likely to have more impact - positive or negative - than usual. It can be hard to break through the guilt and the silence associated with debt, but opening up to a trustee will help address your questions and doubts.

Consumer debt is only one form of debt which has been on the rise in the past few decades. More and more of us are falling prey to sky-high interest rates and the convenience of credit cards. Bankruptcy trustees can inform you of the solutions, consequences and procedures specific to consumer debt. More importantly, they can facilitate a conciliatory agreement with your creditors.

Karine Lafonte is a graphic artist who was asked to intervene as legal representative of her mother's interests when her mother was forced to file for bankruptcy in 2009. She has dealt extensively both with bankruptcy trustees and two psychologists who assisted her mother and she through the ordeal. She has since helped develop an online support group for individuals looking to file for bankruptcy.

By Karine Lafonte
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