No one ever wants to face the reality of bankruptcy, but sometimes it is unavoidable. It is not necessarily the result of irresponsible spending. Instead, it could be a major financial setback, such as huge medical bills or the death of a loved one. It’s serious if you find yourself in this situation, but it doesn’t have to be traumatic. There are a few ways to weather the storm.
1. Be honest with yourself about your financial situation
It is an important step in restoring your financial well-being. You should be honest with yourself, create a better personal budget, save enough money to reach financial goals and prevent debt from spiraling out of control. That means tracking every dollar used, earned and spent and understanding what’s happening with your finances.
Such honesty gives you a better understanding of your finances so you can get out of bankruptcy. As a result, you can make much better decisions moving forward and get through this challenging situation in your life.
2. Make a plan and stick to it
Making a plan and having the discipline to follow it is a great way to achieve any goal, and the same plan can get you out of bankruptcy. A well-thought-out strategy ensures that you stay on track and make steady progress. It would be best if you were realistic about your financial situation. Incremental steps, such as paying off balances on specific credit cards, allow you to measure your progress and give you a sense of accomplishment. Your efforts will totally pay off as your financial well-being improves.
3. Get professional help
Bankruptcy is a challenging financial situation. Most people have never faced it, and there is the possibility of making mistakes on the road to recovery. A professional experienced in handling bankruptcy can be your best friend. It is a good idea to follow their advice.
Employers can help
Management can help employees with the third tip. An organization can help an employee dealing with bankruptcy get through the ordeal. Financial wellness benefits a financially anxious employee with experienced help. Nationwide Prepaid Legal Services has one such employee benefit.
Get in touch with a professional
Countrywide has a nationwide network of certified advisors who can assist employees with bankruptcy matters. We go one step further than just connecting a plan member with a financial expert. We have a comprehensive approach to bankruptcy advice and training.
Our efforts are in compliance with the Bankruptcy Code under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The services our advisors offer include debtor education that meets the financial education requirements. We can also provide the necessary credit counseling and financial management instructional courses to help file and pay off the debt.
There is more. We take a holistic approach to financial well-being. Our advisors can do a budget analysis with a working personal budget. In addition, we can suggest how to deal with bankruptcy and avoid it in the future.
Nobody likes to talk about their financial problems and our advisors respect that. Nationwide advisors are recruited based on their financial expertise and their emotional intelligence. No member of a financial health plan should feel immature or irresponsible. We look for the best solutions to a financial well-being member’s problem. Countrywide is not a judge.
To involve the customer
We have several financial wellness services that can be part of an overall personnel plan. However, we want to ensure that the benefit across the country fits their needs and are asking the management of an organization to help.
We explain all our benefit options and ask decision makers to choose which ones they want for their benefit. These choices are part of the final document and will be what is offered to the workforce. Countrywide provides member services and administration of the plan.
We can help anyone with bankruptcy issues to avoid the trauma from happening again. And benefits we offer. If you are interested in the benefits we offer, we encourage you to contact us as soon as possible so we can explain how we can help your people.