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Filing for Bankruptcy: A Family Affair

Posted on in Bankruptcy

Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent on family fun. Even more so they noticed a change in you. Emotions are running high and they have been walking on eggshells.

The time has come to discuss family finances. It is not going to be easy. According to a recent article published by US News & World Report, for those contemplating bankruptcy it becomes an internal struggle with one's self-esteem most often taking a much stronger hit than the financial front. Also, neglecting the emotional side of bankruptcy can also result in long-term consequences finding yourself emotionally exhausted and dealing with immense sadness, shame and guilt. So how is this complex situation explained to your children?

As parents you instinctively want to shelter your children, protect them from challenging situations but you reached your financial breaking point. Bankruptcy appears to be your only option. Your children have sensed that something is amiss. Keep your emotions in check and call a family meeting. Consider this as a teaching opportunity to reinforce the importance of maintaining a budget. Keep in mind you will need to tailor the discussion based on your child's maturity and age level.

For children under the age of 10 they may have difficulty processing financial hardship. Keep your emotions in check and reassure them that a resolution is close at hand. Things will improve. For this age group, keeping your family emotionally stable is your best course of action. Be mindful, on a daily basis, of your own emotions. Children in this age group will follow your lead.

Teens are a bit more knowledgeable about the current economic state of both the country and your household. Point out a few examples how this economic downturn has impacted you personally but also reassure them that the family will recover. This may be an opportune time to suggest that your teen seek part-time employment and the benefits of devising their personal budget.

Your current financial situation is serious. You are having difficulty seeing the light at the end of the tunnel. It has become increasingly difficult to deal with it on your own, both emotionally and financially. As parents you know the family needs relief, something has to change. The time has come to contact an experienced bankruptcy attorney to discuss your options and to move your family forward to a brighter financial future.

The experienced legal team of Newland & Newland, LLP are here to help. With over 50 years of combined legal experience our firm will access your financial situation with regard to Illinois bankruptcy law to determine your best course of action. Contact us today for your free phone consultation. We can help define both short and long-term goals to guide you and your family on the path to a brighter financial future.

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