Your children are young, and you’ve always wanted to provide everything they wanted. Unfortunately, over time, that desire has meant that you’ve added hundreds of dollars onto credit cards. You’ve had amazing vacations and spent thousands on gifts and toys, but in the end, you’re truly struggling to pay back what you owe.
When you have trouble with your debt, it’s okay to talk to someone about the possibility of bankruptcy. Your situation is not unique. Many people end up spending beyond their means or spend within their means at the time, only to later be unable to pay back those debts.
If you’re unable to make ends meet, then it’s time to look into options to getting out of debt, such as a Chapter 7 bankruptcy.
Bankruptcy and children: How to address the changes
One thing you may want to do, if your children are old enough, is to prepare them for what’s to come. Your spending habits will need to change to keep you out of debt in the future, so they should also be prepared for that. This can be positive, though. By addressing your debts in bankruptcy, you can see what your real budget is and how much money you have to spend freely each month. You can see how your financial situation will change with saving and setting aside funds. This is an excellent opportunity to show your children financial responsibility.
There is no shame in asking for help if you’re struggling with debt. Our website has more information on bankruptcy, how to stop creditor harassment and other topics you may be interested in.