By: Darrell Castle
Helping their child fund a bankruptcy is a great way for generous parents to stop shoveling money down a black hole.
Is your child out and on his or her own now, but not financially stable? Are you a generous parent who always is there to bail your baby out of a jam?
That’s completely common and reasonable. This is your child and you want him or her to be happy and comfortable.
Some parents believe in tough love and allowing their children to struggle through their financial mistakes. Others believe in giving their children money to pay those missed bills. I’m not here to tell you if one is right or wrong – that’s not my place!
However, what many of the parents who pay their children’s late bills find out is it’s a never-ending cycle! This isn’t the case for ALL children, but it’s a common occurrence.
If your child is behind on one payment, then chances are he or she has fell behind on another payment trying to catch up. Debt quickly multiplies and your small loans (that probably won’t be paid back) that you offer your child here and there won’t solve the problem. So, you’re stuck throwing money into a black hole.
That money may be better-suited helping fund a bankruptcy for your child. Through a bankruptcy, your child will become free of that debt and current on all of his or her payments included in the bankruptcy.
Your child will then have a great opportunity – with the new clean slate – to begin rebuilding his or her finances the RIGHT WAY.
If your child is struggling financially, all it takes is a phone call to schedule a FREE consultation with an experienced bankruptcy attorney. This will be an hour or so in which you sit down with the attorney, look over your child’s finances, discuss the situation and go over you and your child’s best options.
With Darrell Castle & Associates, you get a law firm you can trust. You get a law firm with multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction. You get a law firm that proudly uses Dave Ramsey’s Debtor Education course – an entertaining video course providing essential financial fundamentals for a successful future.
Call (901) 327-2100 or fill out one of the contact forms on this page to get started.