How Can Poor Financial Management Harm Your Family?

Financial issues can hurt individuals, but they can really devastate families, even causing them to lose their homes. According to the FDIC, 250,000 new families go into foreclosure every three months. Here are some of the other ways that poor financial management could come back to haunt you and how a consumer bankruptcy attorney can help.

It Can Affect Your Marriage

Fighting over money is one of the most common conflicts in many marriages. One partner might think that the other isn’t doing everything they can to pull their weight while the other might be blaming economic circumstances. Neither side may be seeing eye to eye, and the financial stress can drive a wedge between you.

It Can Affect Your Children

The effects of financial mismanagement can affect children in several ways. Not only can poor financial decisions lead to food insecurity, which can impact your child's health and well-being, but it can also prevent you from buying your child the clothes they need. What's more, kids can become stressed and anxious when they see their parents experiencing distress over finances or fighting over bills.

It Can Affect Your Family's Mental and Physical Health

Not having enough money due to debt can affect people both physically and mentally. Your family may be constantly worried about things like bills, which can increase stress levels and lead to problems sleeping. That lack of sleep can lead to them getting sick, which means they may not be able to work, which can lead them into an even deeper financial hole.

All of these effects can have a lasting toll on your family and can lead to a feeling of hopelessness. Fortunately, there are tools out there to help you break the cycle. You can use resources like a consumer bankruptcy attorney to get back on your feet. A consumer bankruptcy attorney can help lead you through the bankruptcy process, allowing you to find relief from debt you can't repay without having to sacrifice your retirement savings.

Are you looking for a consumer bankruptcy attorney in your area? We can help. Contact our experienced and professional legal team at Wiley & Jowers today for more information about the bankruptcy process and how it can help you and your family start anew.