I’m not just a Memphis bankruptcy lawyer. I’m also a father. So I know that as parents, there’s nothing we want more than to provide for our sons and daughters. Our children’s long-term well-being depends upon a stable environment at home. If a parent is worried sick about phone calls from credit collectors, that stress inevitably bleeds into their kids’ lives, too. It’s why, despite many misconceptions, seeking help from a Memphis bankruptcy lawyer is often the best decision parents can make for their children.
The fear of losing your home or your car, the endless calls from debt collectors — it’s too much for a parent to bear, let alone a child. Debt can leave kids feeling isolated or ashamed. They might feel like a failure for their family’s financial troubles, which can impact their self-esteem and sense of self-worth for years to come.
High levels of debt can hurt a child’s well-being.
A study from Dartmouth found that children whose parents had higher levels of unsecured debt — primarily credit card debt, but also other forms of debt that are not tied to an asset — suffered from more stress and had lower socioemotional well-being overall. It’s understandable. High levels of unsecured debt place a heavy burden on a parent’s shoulders, which makes it harder to be there when our kids need us.
A Chapter 7 bankruptcy allows you to eliminate unsecured debts without paying them back. It is the simplest way to put your debt behind you and move forward with the financial freedom you deserve.
Bankruptcy can get your family back on track.
There are so many misconceptions about bankruptcy, which has been unfairly stigmatized. Many parents are reluctant to file bankruptcy because they are afraid of what it will do to the kids. The truth is that will help them. The truth is that it is usually the responsible choice.
Bankruptcy doesn’t mean you’re failing as a parent. It means you’re investing in your family’s future. Just think of that connection between finances and a child’s mental health. You will be relieving your kids’ stress in both the short and long term. And by tackling a problem head on, rather than running away, you’re setting an example that they can look up to for the rest of their lives.
Talk to a Memphis bankruptcy lawyer today.
We’ve helped thousands of people get out of debt. And we’ll offer every resource we can to help you do the same, so you can rebuild and get the future you’ve dreamed of.
Call (901) 327-2100 or contact us here to connect with a Memphis bankruptcy lawyer today.