Children Involved In Bankruptcy

November 8, 2013

Children Involved In Bankruptcy

As adults, the outcome of facing financial stress can be overwhelming.  Disputes over money and financial issues often lead to broken marriages, arguments, substance abuse, and sometimes even violence.  However, as we can all agree, our first priority must be our children.  And, navigating such financial stress when it involves children can be that much more difficult.   Parents are always concerned that they can’t give their children as much as the next, at least financially.  Or, they worry that their financial problems will render them homeless and, as a result, they may lose their children. 

 

But Bankruptcy can often change much of the concerns and get a family pointed in the right direction.  But, for those deciding to go through Bankruptcy, it is especially important to work with your children to make sure that the entire family is on the same page when it comes to financial recovery. Below are a few tips:

 

  1. Be honest with your children about the Bankruptcy filing.  Make sure that you tell them in age appropriate ways why you’re filing Bankruptcy, how Bankruptcy will help the family and what type of financial adjustments the family will need to make.

  2. Try to keep a routine during your Bankruptcy case.  This is important for those involved in both Chapter 7 and Chapter 13 filings.  Once you make adjustments to your family budget try to stick with a routine. For example, if you take the family out for dinner once a week, try to continuing without disruption.

  3. Get a plan for housing and try to keep the housing situation stable during Bankruptcy. Nothing impacts a child’s sense of safety more than a secure place to live.  Bankruptcy debtors with children should make sure that they have solid plans for housing. If you plan to surrender your home in Bankruptcy, make sure that you find appropriate housing as soon as possible and avoid bouncing from place to place with children.

  4. Bankruptcy debtors with children should try to keep their kids in the same school district so they don’t need to change schools in the middle of the year.

  5. If a Bankruptcy debtor has been forced to change their kids’ school in the middle of the year they should make sure the child remains in contact with old friends.

 

If you are facing Bankruptcy and want to get started in the right direction, contact FAMILYLEGAL today to schedule a FREE initial Consultation with one of our Bankruptcy Attorneys. There is no obligation. However, this FREE initial Consultation allows our Attorneys the opportunity to review your current situation, and offer you appropriate and effective options to meet your needs. 

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