Tips for Talking to Your Children About Impending Bankruptcy
Filing for bankruptcy is difficult enough without having to worry about discussing the situation with your children. However, as members of your family, your children deserve to be part of the process. Get the most out of your discussion with these tips for talking to your kids about impending bankruptcy:
Explain What Bankruptcy Means
The first step in talking to your children about an upcoming bankruptcy is to discuss what bankruptcy actually means. Bankruptcy is not a term that most children are familiar with, so many kids assume that their family is financially destitute and will lose their home. Take the time to discuss the differences between Chapter 13 and Chapter 7 bankruptcy, and explain that it is a way of avoiding foreclosure and gaining a fresh financial start.
Reassure Your Children of Their Security
It’s not uncommon for children to express fear and anxiety when you break the news about an impending bankruptcy. Help alleviate their fears by explaining that despite the upcoming changes, you will continue to provide for them and the bankruptcy will not affect their overall safety or security.
Discuss What Cutbacks Will Be Made
You’ll need to make a number of financial cutbacks both before and after filing for bankruptcy. These changes can be difficult for children to understand unless you explain the reasoning behind them. Help prepare your children for the road ahead by discussing any financial and spending habits that will need to change during the upcoming months.
The attorneys with Pinkston & Pinkston, P.A. understand that filing for bankruptcy is a major life event. That’s why we believe in educating all of our clients on the steps associated with both Chapter 13 and Chapter 7 bankruptcy. Learn more about the process and get the best legal representation for your needs by visiting our website, or call (888) 592-0158 to set up a consultation with our debt relief law firm.
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