How to Support a Friend Facing Bankruptcy

It can be difficult to help someone who is facing financial difficulties. We feel a sense of wanting to help, but there are limits to how much we can do unless we can afford to take money out of our pocket to help them out of a bind. While people do not expect you to do that, you might still want to consider helping in other ways. Here is a list of ways you can help support a friend who is facing bankruptcy.

Don’t Pretend It’s Not a Big Deal

Don’t try to make your friend feel better by telling him or her that declaring bankruptcy is not a big deal. It is. Rather, listen to your friend when they want to talk about their financial troubles. Many people wouldn’t even reach out during a time like this so if your friend has decided to open up to you about their financial troubles, just try to listen rather than offer them any advice. A bankruptcy trustee in Toronto can help them understand their options and how they should approach bankruptcy. As a friend, your job is just to listen if they want to talk.

Offer to Help Them In Other Ways

If your friend is attempting to pay down their debts or collect enough money to be able to move to a smaller home when they sell their house, offer to help them pack boxes or help them move when the time comes. Understand that anyone losing their house to bankruptcy is not going to be in a good place mentally and they will need the support and understanding – without the judgment – of their friends and family. Often, people who have lost their homes to bankruptcy will flee the house and leave it in disarray. Offer to help your friend clean up the house or bring garbage to the waste management facility so that they can leave their home with their heads held high.

Help Them Get Back on Their Feet

If it’s a matter of finding a better job or relocating to a smaller home, offer to help with their search or help find them a smaller home. You can ask around in your place of work if there is any need for additional help, or you can put the feelers out to your network of professionals to see if there are other higher paying jobs that this person could take on. Sometimes, it means the person needs to work two or more jobs to get back on their feet, so offer to watch their kids, if they have any, while they go off to work.

Remember that during a time of bankruptcy, people are very stressed out and will not be welcoming to such help all the time. Offer to bring them some dinner, or better yet, just show up with a meal prepared so they can’t refuse it. People let their pride get in the way when it comes to things like bankruptcy, and it can be hard to accept the truth. By offering a listening ear, help where they will ask for it, and maybe a hot meal to soothe the stress, you can help your friend deal with the bankruptcy that is before them and help them get back on their feet sooner.

 

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