Numerous bankruptcy attorneys are encountering a new generation that believes the world owes them a livelihood. Many parents today find it difficult to say no to their offspring for even a single day. Modern parents rush to the crib to take up a crying infant without considering that they may be spoiling the child. Nowadays, parents provide their children with everything they request, including gifts, treats, clothing, and footwear. This generation has never heard the word ""no"" in its lifetime. Unknowingly, parents are preparing their children for future bankruptcy and financial failure. In today's culture, the word ""no"" implies an invitation to negotiate; it no longer simply means ""no."" As toddlers get older it gets harder and harder as the price of items get larger and larger. This type of parenting prevents children from understanding the value and difficulty of earning a dollar.
Immediately after graduation, many young adults are employed for a job of their choosing. These youthful consumers now have immediate access to credit, which, if not contained, can quickly spread like a wildfire. During the past decade, a significant number of young adults believed they could not lose in the real estate market. When the housing market collapsed in 2007, many new purchasers believed, ""If I don't buy a home now, I'll never be able to afford one.""
And when the query arose, what happens if you cannot afford the adjusted payment? This stock response was, ""I will sell it and use the proceeds to purchase something smaller."" What these individuals did not anticipate was the value of their residences falling below their mortgages. In an effort to maintain order, the group charged their credit cards, plundering Peter to pay Paul. And the inevitable conclusion is that many of these individuals filed for bankruptcy and were foreclosed upon. Everyone desires their children to have everything they lacked as children, but are we actually helping them?
If you or a member of your family is close to default and bankruptcy appears to be your only option, consult a bankruptcy attorney as soon as possible to determine which chapter will best serve your family's needs.
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