Bankruptcy-Do I tell my children?

iVillage Member
Registered: 05-13-2008
Bankruptcy-Do I tell my children?
4
Tue, 05-13-2008 - 10:04am

I have 3 sons, 16, 18, and 20.

iVillage Member
Registered: 03-27-2005
Tue, 05-13-2008 - 10:26am

Mine may not be the most popular of opinions but I would sit them down and tell them everything. Not just the need to file for bankruptcy but also they hows and whys that go you there.

iVillage Member
Registered: 03-17-2003
Tue, 05-13-2008 - 12:05pm
If you are not emotionally strong enough to get into specifics about what you are doing, then don't "come clean" with your kids.
iVillage Member
Registered: 06-01-2007
Tue, 05-13-2008 - 12:46pm

I can see both sides to either posters.

iVillage Member
Registered: 04-02-2003
Tue, 05-13-2008 - 2:51pm

I completely agree with Stacy. Your children are certainly old enough to be taught about money before they make the same mistakes you did -- especially the one who is still a minor. I think not only should you tell your children about the bankruptcy, but you should demonstrate and explain to them that a person has to live within their means, not overextend themselves, and put aside money in savings for emergencies.

Showing them how to plan for a secure financial future would be the *best* thing you could ever teach them.

Have you heard of Dave Ramsey (www.daveramsey.com)? He has a free 1-hour podcast you can download each day and probably airs on your local AM radio. He has excellent tools to teach your children the value of saving, etc., but your children (especially the adults) might be a little too old for that.

As far as telling your ex-husband, that is up to you. If you file bankruptcy and his name is on your home loan or any of your credit accounts, I think morally you owe him a head's up.