Posted on: 20 April 2016
Many potential adoptive parents are worried that their past financial history will ruin their chances of being approved as an adoptive parent. To help you avoid stressing over this, below are three commonly asked questions regarding bankruptcy and adoption:
How Does Past Bankruptcy Affect My Application?
The critical factor that determines the effect of bankruptcy on your adoption application is the length of time that has passed since you were last declared bankrupt. If you managed to get yourself into a difficult financial situation ten years ago, it will have much less of an effect than if you are still considered bankrupt at the time you submit your adoption application.
If you were declared bankrupt at some point in the past, you will have to show evidence that you have regained control of your finances and have made progress since fighting your way out of bankruptcy. Responsibility is one of the main character traits that adoption agencies look for in potential adoptive parents, so it's important to show that you have faced your challenges head-on. This strength of character won't only give you a chance at adoption, but it may give you an edge against other candidates who haven't overcome as many challenges as you.
Of course, if you have recently been declared bankrupt, then the adoption agency will likely decline your application. This is because they need parents who are able to manage their finances and provide for a child. If you are currently going through a particularly rough patch, it would be best to delay your application until you have found your feet financially and have come through the hard times.
Will Bankruptcy Ruin My Chances of Adopting a Child?
The whole process of filing for bankruptcy can cause people a lot of stress as they worry that having bankruptcy on their financial record will have a major impact on the rest of their life. However, whilst you should make every effort to avoid having to declare yourself bankrupt, the truth is bankruptcy isn't as big a problem as it once was. In the past, having insolvency on your credit record could force you into a bottomless pit that you would find it difficult to escape from. However, these days, bankruptcy is seen to be less of a problem, and filing for bankruptcy definitely won't ruin your financial and personal reputations for the rest of your life. Bankruptcy should not be seen as a punishment you must suffer for getting yourself into a dire situation. Instead, bankruptcy should be seen as a fresh start and an opportunity to balance your books and start over with a clear head.
Therefore, having bankruptcy on your record will not immediately ruin your chances of adopting a child. However, each application will be treated on its own merits, so it's important to fully understand the details of your situation before submitting an application.
What If I Don't Tell the Adoption Agency About My Financial History?
If you've had previous financial trouble and are looking to adopt a child, you may consider hiding your past from the adoption agencies in order to increase your chances of being approved. However, this would be a major mistake, as adoption agencies place a great deal of emphasis on the character of would-be parents. As such, any misinformation you give the agency would significantly reduce your chances of being approved as an adoptive parent.
Additionally, adoption agencies will be able to check your financial history and will be able to see any previous court judgments or bankruptcy applications filed on your credit report. Lying about your financial history will only hurt your chances of being approved down the line as adoption agencies will view you as an untrustworthy person who is not capable of being responsible for a child.
If you're looking into adoption and have been through a bankruptcy, getting in touch with a bankruptcy lawyer may give you some peace on the matter as well. Visit a site like http://www.morrisonmurfflaw.com for more information.Share