Did you tell your kids???

[JRScott]

The key with younger children is that if they are used to getting a lot for birthdays, holidays etc, a bankruptcy will often lead to them getting less in the future. This can also lead to them having a bad image of themselves thinking they aren't good enough or that they did something wrong . Thus it is in their best interest to explain the situation somewhat, you don't have to mention bankruptcy but you do need to lower their expectations of what they will get in the future to what you can now afford.

Children are far more resilient than many of you seem to give them credit.

I would not however tell them about it and then tell them to keep it a secret, because that can let them know that it is okay to lie, and its not really. Yes they might get teased a little, we all go through that in life. But honesty is still the best policy.

[Over our heads]

We were used to spend way too much at christmas, and found that all the kids in the family were spoiled brats. So last year, I cut it all out. Made home made gifts for extended family, and our kids got 1 gift from us, and 1 from santa. With what everyone else gave, they didn't even notice.

That have noticed that we no longer eat out every week, or get them new games or movies on a whim. We haven't been to a movie theater in over a year now. These they do notice.

We did not tell them that we filed for BK, our oldests are 10 and 12, and while I think that after a lot of explaining they would understand it, I do not think that they would be able to keep their mouths shut . While my parents know, his do not and we want to keep it that way.

We have been slowly trying to educate them more about money, and I have been taking the boys to do the shopping with me. I think they are finally learning a bit.

They learned just a few days ago that the ice-cream man is more of a legal thief than a wonderful treat giver.