When it comes to refining the skills we need to successfully navigate adult life, financial competency is essential. As a parent, it’s your responsibility to teach your children important lessons about money that will help them to avoid (or at least be prepared for) some of the cash worries that we face as adults ourselves.

We often hear from people who, through no fault of their own, have found themselves in a situation where their payments are more than they can afford. In some cases, an emergency expense suddenly depleted their budget, or they lost their primary source of income.

One thing is certain: debt flows downward. If the chief financial officer of a company is struggling with debt, the lower level employees will inevitably face the consequences of his or her debt. You might say, when it comes to corporate debt, “one bad apple spoils the whole bunch.” If you’re not making responsible financial decisions, your entire company will suffer.

When financial problems begin to emerge, and money burdens pile up on top of each other, many people are left wondering where to turn for help. When you reach your lowest financial point, it can feel as though bankruptcy is the only way out. Part of the reason for this is that some agencies sell bankruptcy as a dream option for getting out of a difficult set of circumstances. However, the truth is that rather than acting as a simple fix, bankruptcy is actually a financial solution that comes with between seven and ten years of hardship and monetary worries. There are a series of other options to explore before turning to bankruptcy, like debt settlement and counseling.