When Parents of Minors File for Bankruptcy

 Posted on April 17, 2023 in Bankruptcy

When an individual or a married couple is struggling with debt, their response to the situation often impacts others as well. Most urgently, debt challenges tend to affect everyone who lives under the same roof as a debtor. Meaning, if someone is struggling with debt significantly enough that they are considering filing for bankruptcy, their circumstances almost certainly affect any minor children who reside with them. Sometimes, the benefits that bankruptcy can provide children serve as powerful motivations for parents to weather the complexities of the process with grace and determination.

Stability and Stress Reduction

It is not a secret that children crave stability. A child’s sense of whether or not the fundamental structure of their home life is stable can affect everything from their health to their academics. Additionally, if instability remains a driving force in a child’s life for too long, the effects of that reality can ripple all the way into adulthood and even into the next generation’s experience of the world. Similarly, when a child’s home life is unusually stressful – perhaps because a parent is working far too hard and getting far too little sleep as they struggle to catch up on past-due bills – that challenge can impact a child’s well-being profoundly as well.

Filing for bankruptcy can help to ensure that parents who are facing foreclosure can stay in their homes and that they can make ends meet. Money that was going to credit card bills can go toward groceries and shoes that fit growing feet. The potential for stability and a reduction in everyone’s stress levels that bankruptcy provides is unquestionably valuable.

A Pathway to a Stronger Financial Future

Additionally, filing for bankruptcy can allow parents to build a stronger financial future for their kids as well. Especially if a filer’s debts are largely unsecured and eligible for discharge (if filing for Chapter 7) or if a filer’s financial situation could turn around significantly if only their repayment schedule was more manageable (if filing for Chapter 13), the “fresh start” that bankruptcy provides can potentially change a family’s situation around for the better.

Connect with a Skilled San Antonio Bankruptcy Lawyer for Additional Insight

If you are a parent who spends your nights worrying about your debts and/or working extra jobs to pay them down, please speak with our firm’s reputable San Antonio, TX bankruptcy lawyer today about your situation.

By connecting with the dedicated team at the Law Offices of Chance M. McGhee by calling 210-342-3400, you can start exploring your legal options and making informed decisions about the debt relief opportunities that are available to you. And by taking these first steps, you may benefit not only yourself but your children too. We look forward to assisting you with your family’s debt-related legal needs.

Source:

https://www.uscourts.gov/services-forms/bankruptcy