How Will Filing Bankruptcy Affect My Children?
Filing for bankruptcy is a difficult decision, and for families with children, it can be especially hard to consider. The bottom line is that bankruptcy does have a direct effect on children and parents should understand the implications before making such a decision.
The most immediate consequence of filing for bankruptcy occurs when an individual's assets are liquidated in order to pay off creditors. This means that any belongings such as furniture or electronics purchased by the family may be sold off and required to go towards debt repayment. In addition, if there are any joint savings accounts or investments held between parent and child, these could also be affected by the reorganization process.
On top of financial losses, children may feel embarrassed or ashamed if their parents file for bankruptcy due to feelings of guilt over what has happened.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706