If you have a friend or loved one that is filing bankruptcy, you may be wondering what you can do to help them get through the process.  The following are some ways you can help make the next several weeks a little easier:

• Night Off- If they have kids, offer to watch the kids while they have a moment to themselves.  Depending on the age of the kids, it is sometimes difficult to have a chance to discuss financial matters.

• Recommend Counseling- Filing bankruptcy is a serious decision with many ramifications.  Help your friend or loved one to find someone they can speak with that has knowledge of the subject and is able to understand their situation.

• Be There- Just being there to listen can be very crucial.  This doesn’t mean you have to give any financial advice or give any advice at all.  Just give your friend or loved one the opportunity to get ideas and emotions vented.

• Send a Meal- Everyone’s has to eat and sometimes you just don’t have the time, motivation, or energy to prepare a meal.  Cook a meal or ask them over for dinner.  This will help them out as well as show that you are supporting them.

• Combine Team Savings- Everyone can benefit from saving money, even if you are not filing bankruptcy.  This is a good time to start combining your efforts with your friend or loved one and working as a team.  If there is a coupon you don’t use but they do, give it to them.  If it is cheaper to buy something in bulk which it usually will be, buy the product in bulk and you will both save.  Challenge each other to how much you can save in groceries or gas each month.

• Get Rid of It- Help your friend or loved one get rid of some unwanted, unused goods and making a little money by having a yard sale or selling it on EBay.

• Be Your Own Advocate- Ask your friend or loved one to contact their lender or creditors and negotiate with them.  This is a tough time for all agencies and it is to the lenders’ benefit too that you do not foreclose on your home.  You may be surprised at what a creditor is willing to do including decreasing your debt or establishing a payment plan.

• Pets- You may be able to help by taking care of a pet which otherwise may be sent to a shelter because of the costs it takes to take care of it.  This way the family or friend can know that the pet is going somewhere they can still visit it.

Tags: bankruptcy, Debt negotiation