Bankruptcy is stressful for everyone involved, even your kids. Although your children may not be directly involved with your family’s finances, bankruptcy may cause them anxiety and worry, too. In today’s blog from the bankruptcy attorneys at Groce & DeArmon P.C., we discuss how to talk about bankruptcy with your kids.
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Use Age-Appropriate Language and Concepts
Preschoolers may not understand the complex concepts associated with debt, income, and bankruptcy. They do understand big changes in their lives, such as moving to another home. Smaller changes may not be as noticeable. Older children are more sophisticated in their abstract thinking.
Elementary school kids understand saving money and the need to pay bills, but not necessarily the legalities of bankruptcy. Pre-teens and teens will understand, even if they get upset about having to cut back on certain things to save money.
Kids May Blame Themselves
Children may blame themselves for bankruptcy. Obviously, this is not the case at all. But your kids may still think they are in some way responsible for their parents spending money on them for toys, celebrations, and the like. Be gentle with them, tell your kids that you love them, and reiterate to them that it’s not their fault whatsoever. Offer something as a rebuttal, such as a changing economy or switching jobs.
Distract Them From Worry
Getting around your kid’s fears and worries can be as simple as distracting their minds. Keep their routine as normal as possible. Children should be having fun learning at school, playing with friends, and just being kids. If you need to and can find time, set aside more time for fun activities with your children so they have something else to focus on aside from financial worries.
Rather than discuss negative things about finances, turn bankruptcy into a learning experience about managing money. Talk about shopping, saving money to buy larger items, and budgeting.
Stay Calm
The bankruptcy attorneys at Groce & DeArmon P.C. understand that bankruptcy is upsetting. Your world is changing in a way you didn’t expect. Kids are smart, and they’ll notice a change in your emotional state. When they ask you if anything is wrong, stay calm. Your demeanor goes a long way to helping your children avoid the worry and stress of filing for bankruptcy. Know that bankruptcy isn’t the end of the world, and you can recover. Filing for bankruptcy is the first step.
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Groce & DeArmon P.C. and Our Bankruptcy Attorneys
Is your negative financial situation causing constant stress and worry in your family? Talk to the bankruptcy attorneys at Groce & DeArmon if you feel bankruptcy is a solution for you. Contact Groce & DeArmon P.C. or call toll-free 1-800-640-3706 in Missouri or 417-862-3706 for more information or a free consultation.
