Cleaning Up My Financial Disaster

Posted on: 20 November 2018

As you become an adult, a new type of relationship is likely to develop between you and your parents. Once you become an adult, you will understand adult situations that affect your parents, both previously and in the future. If your parents have hit hard times and now have financial problems, it is common to want to help them in any way. Sometimes a poor financial status can be aided best by filing for bankruptcy. If your parents have decided to file for bankruptcy, here are some ways that you can support them through the process. 

Help them become minimalist

Intentionally minimizing living spaces, closets, and lifestyles feels less restrictive than being forced to give them up at one time. Minimalism means only having what you truly need and desire in your life. Go through your parent's house to sell off any items in good condition that are no longer needed. Selling items that are in good condition or passing along heirlooms is a good way to begin the minimizing process before bankruptcy. Depending on how much you and your parents are able to sell, you may be able to raise the bankruptcy fees without them coming out of your parent's income. 

Host a regular dinner

Giving your parents money to live on can cause their bankruptcy case to become muddled or complicated. If you live in town, one of the ways that you can decrease your parent's expenses while they are filing bankruptcy is to host dinner for them once a week. Taking off the responsibility of cooking or purchasing ingredients one day a week can help your parents budget without causing yours to increase. If you do not live in town, you can prepay at their favorite restaurant or give them a gift card that you reload for a weekly dinner. 

Find stress relief activities

Going through financial issues is stressful. If your parents are constantly dealing with the weight of bankruptcy it is a good idea to find a hobby to help occupy their time. Stress relieving activities such as softball with the grandkids, painting parties, and dancing may help to keep their minds off of the bankruptcy. Finding hobbies to relieve stress can also keep your parents healthy, which is important as they age. Activities together is also a free or inexpensive method of rallying the family around your parents during a hard period in their life. 

For more tips on how you can help your parents during their bankruptcy, contact a local bankruptcy law firm.