As I have said many times before, bankruptcy often has a stigma of shame and embarrassment that accompanies it. It’s hard to admit that you need help with your finances and take that step to get the help you need. Because of the embarrassment, people often want to hide the fact that they are filing for a Chapter 7 or Chapter 13 bankruptcy. It’s understandable that you wouldn’t want to openly advertise that you are filing bankruptcy, but if you keep it from your children, it is a missed opportunity.
Sharing Your Bankruptcy and Financial Situation with Your Child in Parker
It’s important that you share your financial wisdom with your child, showing the positives and admitting to the errors. Granted, you don’t need to talk about it with your four-year-old, as they have no real understanding of finances and money, but older children do. They can learn from you, both in the way you persevered and overcame your issues and how they can try to keep themselves from getting into that situation themselves. Maybe part of your financial stresses are related to student loans and that snowballed into debt issues across the board. This may teach your kids how important it is to take on as little debt as possible while in school – motivating them to get a job and working to earn scholarships. Or perhaps overspending and living outside your means is what contributed to your need to file bankruptcy. This is a great opportunity to teach your kiddos about budgeting, saving, and the differences between spending on wants and needs. As you get your finances in order, they will be able to see the positive changes you have made and how it positively affected everyone’s lives.
Talking with Your Children About Bankruptcy: Make Sure to Keep Things Positive
When sharing about your bankruptcy, the last thing you want to do is scare your children or make them feel like they are to blame in any way. Of course you wouldn’t do that intentionally, but sometimes kids take that stuff on. Make sure you are assuring your children that this is a positive step and will change things for the better. Come up with a list of ways your family can all contribute to making better financial decisions. Involving your kids will allow them to feel proud about how your family handled a difficult situation.
If you are ready to get help with your overwhelming debt, contact the best bankruptcy attorney Barry Arrington at 303-205-7870 to schedule your free consultation and begin your journey toward financial freedom.