12.18.2019 | by Chris Frye
Before changes were made to the bankruptcy laws on October 17, 2005, there were rumors abound that it would become very difficult for the average person to file bankruptcy.
Did that happen?
Were some laws introduced that were unfriendly to the consumer?
Recently I met with some clients who discussed their debt and asset situation with me. I reviewed everything, thoughtfully considered their options, and gave them my recommendations. Then, as they were about to leave, they laid a bombshell on me. “We owe about $150,000 in student loans, but we know bankruptcy can’t do anything about that.”
Raising kids is tough. Having two of my own, believe me, I know. As a parent, any major (or even minor) decision that you make can have an impact on your children. A bankruptcy can generally affect an individual in two ways; financially and/or emotionally. Consequently, in general, those are the same two ways a parent’s bankruptcy can affect their child. Let’s deal with the financial impacts on your kids first.