Filing for bankruptcy is never a decision that is made lightly. It’s important to realize that bankruptcy will have an effect on your kids as well as you. If they’re old enough to understand the general concept, it’s wise to be as upfront and honest as possible with them about what bankruptcy will mean for the entire family. Remember, while most people approach the bankruptcy process with fear and trepidation, it represents a path forward to a better financial future for you and your family. The process of filing for bankruptcy protection was created to offer hope to those in serious financial trouble. If you look at the process this way, it’s likely that your kids will pick up on it, too.
Let Them Know They’re not Being Punished
As with any decision that is going to affect your kids, the first thing you should do is let them know that they didn’t do anything to cause it. While you are financially responsible for the
Be Honest About Potential Lifestyle Changes
If you’re filing for Chapter 13 bankruptcy and agreeing to a payment plan, you might have to forego that annual family vacation for a while in order to meet your bankruptcy obligations. If you’re qualified for Chapter 7 bankruptcy, certain household assets may be liquidated in order to account for your non-dischargeable debts. In either case, don’t try and hide from your kids that financial changes are going to be necessary in order to get through the bankruptcy process.
Get Advice from Experts
When you’re going through bankruptcy it’s inevitable that you’ll have many questions about the process and aftermath. You need to get answers you can trust from bankruptcy law experts. Contact the professionals at Clark and Washington, LLC for a free consultation. They will help determine if bankruptcy is the right course for you, and provide you with honest and fair advice throughout the process Bankruptcy offers hope for the future for you and your family, and the attorneys at Clark and Washington, LLC are dedicated to providing help and support for those who need a fresh start.