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Helping Your Children Deal With Bankruptcy

Posted on Monday, February 2nd, 2015    

Children are often ignored during a bankruptcy filing because they rarely contribute to the family’s earnings. Parents may be so stressed over their own financial problems that they forget that their children are suffering, as well. If you are filing bankruptcy, it is important to remember that your children are part of this process.

What Happens To Children When Parents File Bankruptcy?

Depending on their ages, children may not understand what is happening when their parents file bankruptcy. All they understand is that their parents are “in trouble,” and they may be afraid of what is going to happen to them. Will they lose their home? Are their parents going to fight a lot as a result of their financial problems? Will they have to change schools? Will someone come and take their belongings? These fears, while often overblown, are very real to small children.

Teens may also suffer from bankruptcy. They may be embarrassed, particularly if their peers know about their family’s financial situation. They may also be upset because they cannot have some of the material things their friends have. They may be frightened of what will happen to them and to their parents.

How Can I Help My Children Deal With Bankruptcy?

As a parent, you have a great deal to do with how your children process bankruptcy. Here are some tips for helping your children cope with your financial issues while still maintaining a healthy relationship with them:

  • Talk about your issues. It is okay if your kids know that you are not perfect. Be honest about your problems, but be sure to gear the discussion to a level that your kids understand. Be sure to explain to them what will happen and reassure them that you will stay together as a family.
  • Avoid leaning on your children. While you should be honest with your kids, you should never use them as a “wailing wall” or burden them with accusations about your spouse or anyone else. Your adult friends can support you; your children need you to be a parent.
  • Try to plan fun, cost-effective family outings. You may not be able to take your kids to Disneyland this year. However, you can plan fun outings that are low in cost but bring you together as a family. For example, take a picnic supper and hear a concert in the park.

Amerio Law Firm in Sacramento is here to help you deal with all of your bankruptcy issues. Call us today for a consultation.

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