Getting On The Right Side of FinancesGetting On The Right Side of Finances

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Getting On The Right Side of Finances

There aren't many things more intimidating than looking at a bank statement and realizing you don't have a dime to your name--despite your best efforts. I found myself in this precarious situation about a year ago, and I didn't know what to do next. I realized that if I didn't make some serious changes and fast, I would be in even more trouble with the law, so I started moving towards making some changes that would actually help. I met with a bankruptcy attorney, and we talked about how to wipe the slate clean. WIthin a few months, things were better. Read more about bankruptcy on my blog.



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Want To Adopt? How To Handle Past Or Present Bankruptcy

The process of adoption is a long and usually complicated time for families. You must overcome challenges ranging from building a loving home to following a myriad of legal rules. But what if you are dealing with an additional financial problem during this time as well? Should you consider bankruptcy while considering or executing an adoption? Here are a few answers.

Does Bankruptcy Prevent Adoption?

Bankruptcy, as with other financial issues, doesn't automatically rule out an adoption. It would be considered as an element of your approval process, but it does not necessarily have to stop it. If you have the right circumstances and can provide the right home for the child in all other aspects, you can still adopt even with this particular 'black mark' in your past or present.

Should You Disclose Bankruptcy?

When meeting with social workers and court-appointed officials, all the aspects of your background and home life will be open to assessment. Hiding anything generally doesn't help your case — especially if that item is part of public records, as bankruptcy is. Attempting to hide something as large as a bankruptcy — past or future — may raise more red flags than the actual financial issue. 

How Should You Discuss Bankruptcy?

Your best bet to get past potential stumbling blocks is to be open and honest with adoption workers. Talk with the social worker during your home visit if you haven't already disclosed the bankruptcy. Follow that up with a written statement outlining how your need for bankruptcy occurred and why it will not affect your ability to provide a stable home for your child. 

Context is key for both bankruptcy and adoption. Put past bankruptcies in the context of what was going on in your life at the time, such as a divorce or job loss. If you are in the process of completing bankruptcy, explain why you've chosen this route as well as how you've resolved the issue moving forward.

Should You Pursue Bankruptcy?

If you're still in the early stages of bankruptcy when you begin adoption, decide if this is the right time to do so. Consult with an experienced bankruptcy attorney to make sure you understand all your options and choose the best path. The attorney may also be able to help prepare a statement that will assure the adoption workers that your finances will be improved and stable. 

Certainly, no one wants to manage a complication like bankruptcy while pursuing their dream of adopting. But with the right approach and help from your lawyer, you can successfully meet the challenge. And it will all be worth it when your new addition joins a happy, financially secure home. 

To learn more, contact a bankruptcy law firm.