A Cautionary Tale: What You Can Teach Your Children after Filing for Bankruptcy

Many of those that are forced to file for bankruptcy spend a lot of time trying to find a silver lining. Although it stops the financial bleeding and allows debtors to start over, many still struggle to find the upside to the bankruptcy process.

In an age where children are perhaps less qualified than ever to manage their own money when they come of age, why not use your bankruptcy as an opportunity to advise your children about smart bankruptcy money management? Good financial habits need to be taught. Who better to teach them than a parent that has made some mistakes and is working hard to make it safely to the other side?

We’ve all heard it before: money doesn’t grow on trees. It’s simple guidance like this that can teach children the importance of hard work and the difference between “wanting” and “needing.” Sound parental advice about managing money – even at the allowance level – can lay a solid foundation for responsible financial management in the future. As they leave high school and college, young adults are more vulnerable to crippling debt than at perhaps any other point in their lives. Between student loans that can put them in a lifetime jam and predatory credit card companies offering sky-high interest rates, they’re sitting ducks. It’s up to parents, specifically those that have experienced the impact of bankruptcy, to help them make smart decisions.

Almost all parents want their children to have a better and easier life than they had. As someone who has more experience and has put more skin in the game, you’re uniquely qualified to tell your kids how to identify potential financial pitfalls. Tell them what not to do while also giving them advice about ways to own up to their problems and mistakes. After all, that’s all part of the learning process at any age.

Similarly, while you are doling out advice, don’t be afraid to ask for some yourself. An experienced bankruptcy lawyer is your best chance of getting through what can be a daunting, complex financial process. Further, a skilled debt negotiation attorney can offer advice about building a new fresh financial future. Now, that’s a lesson you can really pass on to your kids.

The bankruptcy lawyers at Garland & Mason, L.L.C. have helped hundreds of clients find their way through the bankruptcy process. Don’t make any decisions about filing without scheduling a free consultation with our team first. We’re standing by to help. Contact our Manalapan, NJ office today.



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