Bankruptcy — Teach Your Children Well
A bankruptcy is needed when there is a change in income, making it were you can not make the payments on the debts you have. Most of the time it happens to people that have had good credit all their lives. But sometimes the bankruptcy could have been avoided with some form of financial teachings before they started
Talk to your kids about what credit is all about, our credit affect us the rest of our lives. Make sure kids understand about banking do not write a check if the money is not there, if they do the overdraft fee could be more that the check they write. IF they have student loans they will get credit card offers understand about interest if they don’t pay the balance off every month. If you miss a payment they will get a late fee along with maybe an over the limit fee. If they buy a car make sure they make the payment and do not co-sign for any friends on cars or apartment it will come back and bite them .
The positive of filing the bankruptcy it does give you that second chance to start over so the same rules apply be careful.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
