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 can be a major financial setback, such as enormous medical bills or the death of a loved one. It is serious if you find yourself in this situation, but it does not have to be traumatic. There are a few ways that you can weather the storm.
1. Be Honest with Yourself about Your Financial Situation
It is an essential step in restoring your financial wellness. You should be honest with yourself, create a better personal budget, save enough money to reach financial goals, and prevent debt from getting out of control. It means tracking every dollar used, earned, and spent and understanding what is going on with your finances.
Such honesty gives you a better understanding of your finances so that you can bring yourself out of bankruptcy. As a result, you can make much better decisions moving forward and make it through this challenging situation in your life.
2. Make a Plan and Stick to It
Making a plan and having the discipline to adhere to it is a great way to reach any goal, and that same plan can get you out of bankruptcy. A well-thought-out strategy ensures that you remain on track and make steady progress. It would be best if you were realistic about your financial situation. Incremental steps, such as paying off the balance on specific credit cards, permit you to measure your progress and give you a feeling of achievement. Your efforts will pay off overall as your financial wellness 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 who is experienced in dealing with bankruptcy can be your best friend. It is a good idea to follow their advice.
Employers Can Help
Management can help employees with that third tip. An organization can assist an employee dealing with bankruptcy to get through the trials. Financial wellness benefits a financially troubled associate with experienced help. Countrywide Pre-Paid Legal Services has such an employee benefit.
Connecting with a Professional
Countrywide has a nationwide network of certified counselors who can assist employees with bankruptcy issues. We go one step further than just connecting a plan member with a financial expert. We have a comprehensive approach to bankruptcy counseling and education.
Our efforts are in compliance with the Bankruptcy Code under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The services our counselors offer include a debtor education course that meets the financial education requirements. We can also provide the required credit counseling and fiscal management instructional courses to help file and discharge the debt.
There is more. We take a holistic approach to financial wellness. Our counselors can do a budget analysis with a workable personal budget. Additionally, we can suggest how to deal with bankruptcy and avoid it in the future.
Nobody likes to talk about their financial woes and our counselors respect that. Countrywide counselors are recruited based on their financial expertise and their emotional intelligence. No financial wellness plan member is made to feel immature or irresponsible. We are searching for the best solutions to a financial wellness plan member’s problems. Countrywide is not a judge.
Getting the Client Involved
We have several financial wellness services that can be part of an overall employee benefit plan. However, we want to ensure that the Countrywide benefit fit their needs of and ask an organization’s management to assist.
We explain all our benefit options and asked the decision-makers to choose which ones they want for their benefit. Those 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 assist anybody with bankruptcy issues in avoiding the trauma from happening again. And benefits we offer. If you are interested in the benefits we offer, we urge you to contact us at your earliest convenience so we can explain how we will help your people.