Helping Your Children Cope With Bankruptcy

With the constantly shifting economic climate, it makes sense that a lot of people in this country are still resorting to bankruptcy to clear up their personal finances. While establishments like Sasser Law Firm state that the number of bankruptcy filings have been decreasing since the all-time high in 2009, there are still more than 20,000 filings per month in this country alone.

Filing for bankruptcy can cause some very negative effects for families. If you are having to make this sacrifice to get things back in order in your own household, then it is important for you to remember how hard this situation may be on your children.

Children have a hard time adapting to change, and with a filing of this nature you will be changing where they live, how they dress, the entertainment options you have, their future hopes, and possibly even their school and community. It is not easy for young people to feel so helpless and out of control. If this is something your family is facing, then you may want to try some of the following suggestions to make this a little easier for your children:

  • Sit them down and explain the situation: Children will always do better with change when they understand what is happening and why. This will not make them cheerful about the situation, but the knowledge will remove a lot of confusion and fear.
  • Apologize: This is not easy, especially if you are most comfortable in positions of control and power. The truth is, however, that you made a mistake somewhere that is causing this situation. Swallow your pride, and apologize so your kids can see how much you care.
  • Involve them in future plans: As was stated above, a lot of things are about to change. In as many cases as possible, let your kids be involved in the process of planning these changes. Have them help pick out a new home and car, or let them suggest ways to save money.
  • Retain as many assets as possible: To do this, you will need the help of a professional law firm. Part of filing bankruptcy involves liquidating your property and assets to cover much of your debts. Work with a lawyer to retain as much as possible to minimize the changes your children will have to endure.

Children are a lot more resilient than people give them credit for, and by taking these suggestions seriously, you will help them to bounce back from this situation much faster. If bankruptcy is the right choice for you and your family, then make sure you do what you can to ease the situation for your children. For more help getting through bankruptcy, work with a bankruptcy lawyer to make sure everything goes smoothly. Visit sites like for more information.