Lasting Impact: Help Your Child Get Out of Debt
Is your child out and on his or her own now, but not financially stable? If so, maybe you’ve found yourself feeling like 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 them 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. However, many parents who pay their children’s late bills find out it’s a never-ending cycle. This obviously isn’t the case for all children, but it’s a common occurrence.
If your child is behind on one payment, they may have fallen behind on another payment trying to catch up. Debt quickly multiplies. When multiple missed payments grow, the small loans you offer your child here and there won’t solve the problem.
That money may be better-suited for longer-term debt strategies. In some cases, it might even mean 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. They will then have a great opportunity — with the new clean slate and your support — to begin rebuilding their 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. During this appointment, you’d sit down with the attorney with your child, look over their financial situation, and discuss your best options. In some cases this might include bankruptcy.
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. We have helped thousands of families in Memphis get out of debt for good, and we’d love to help you, too.
Make a lasting impact on your child’s debt. Call (901) 327-2100 or fill out the form on this page to get started.