Having children can be tough, especially when problems arise in the family. When a big issue such as bankruptcy arises, approaching the subject seems a no-go, as you don’t know how to do it and how the children will react. Moreover, you want to protect your kid from danger and burden, which is why telling them would seem improper.

 The problem is that even if you don’t tell them, children are smart. Therefore, they will notice if things are changing, leading to them feeling even worse. So, how do you have the talk? Let’s find out. 

●       Let Them Know it Won’t Last Forever 

Although patience isn’t a child’s best virtue, they should still be able to get it when they’re told better times will come. Younger children might not understand the actual passing of time as older ones or adults do, but it’s essential to tell them things will get better.  

If you tell them about how mommy and daddy are having money problems right now and won’t be able to get him/her that new toy, help your kid understand you will buy it later.  

●       Tell Them About Changes in Lifestyle 

Usually, every family has some customs that the child gets used to. When they stop being a common occurrence, the change will be noticeable by your child, and they will start questioning what the cause is. 

So, it’s important to let your kid understand why that summer vacation won’t happen this time, or why you can’t come home from grocery shopping with so many sweets anymore.  

Don’t try to hide, because you’d only worsen the situation. Let your kid know about the problems you are facing, and help them understand why these limitations are important to get out of the bankruptcy situation. This is especially important when you're filing for a chapter-13 bankruptcy. As the experts mention here https://www.maccolaw.com/chapter-13-bankruptcy/, chapter 13 bankruptcy will require you to propose a repayment plan to your creditors. And it would certainly require some lifestyle changes.

●       Tell Them It’s Not Their Fault 

When children are getting little to no access to something while they had access before, it might not take long for them until they assume they are being punished. However, it’s essential to tell them that it’s not their fault and it all happens due to something you’ve done. After all, your kids are really not responsible for the financial situation, especially if they’re underage and not earning their own income yet.  

Make sure they get that this won’t last forever and that you’ll be able to return things to how they once were.  

●       Talk to an Expert 

When you don’t know what to do, it’s time to get advice from an expert. Bankruptcy lawyers are a thing, and they can tell you not only how to manage your situation, but also how to talk to your family regarding this case. As a result, you will know what to tell your little one when something changes.

Final Thoughts

 Talking to your kids about filing bankruptcy can be a scary thought, and rightfully so. Nevertheless, it’s better to make them understand yourself and not let them notice changes and getting the wrong idea. This can help you not only lay the path for a better financial future but also build a stronger bond with your child.