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What should you tell your kids about bankruptcy?

In real simple terms – how about telling them the truth? Job loss, cut backs, health problems, divorce, overspending, not budgeting – the list goes on and on.

Reinforce the concept that the bankruptcy laws are Constitutionally mandated to help good people who have fallen on hard times. Just because you file for bankruptcy does not mean that you are a bad person – bad things can happen to good people.

The bankruptcy laws are designed to help you get a fresh start so that you can provide for the financial needs of your family and for their financial security.

If you are living beyond your means, maybe it’s time to get real about your life with your kids. We all learn by example. This can be a huge life lesson.

Pretending to be rich can be really expensive.