How Bankruptcy Might Affect Your Family

The decision to file for bankruptcy is typically a step towards taking control of your finances and working on escaping debt that has plagued you. However, when taking such a step, many people find themselves wondering how their loved ones and family might be affected by their decision. Fortunately, for people in Houston facing financial difficulties and considering bankruptcy, our lawyers at the Russell Van Beustring P.C., can address these questions.

Your Family and Bankruptcy

Bankruptcy is often a very individual decision, but when one has a family, he or she must consider the potential outcomes of this decision on these other people. Some of the possible ways in which filing for bankruptcy can affect your family include:

• Your spouse may want or need to file for bankruptcy as well, whether jointly or on his or her own
• Your children may be confused about the process, and you will have to explain it to them
• Possible loss of personal property, like vehicles or homes, that might cause certain modifications in your life
• Explanation to parents or in-laws of the financial situation
• Relocation of your family to a new home

How your family is affected with bankruptcy will vary, as everyone’s situation is unique. However, speaking with a professional about your financial situation can help you gain a better understanding of how you and your family will be affected.

Contact a Bankruptcy Attorney in Houston

If you believe that filing for bankruptcy is the answer to your financial problems and you live in or near Houston, attorneys at the Russell Van Beustring P.C. can answer your questions and guide you through the process. Contact us today at 713-973-6650 to discuss your case with us.