Starting my home study and iam worried about past finances help???

wholelottacats

It depends on the agency or entity doing your homestudy. Do they pull a credit report? If not, then they are going to look at your current finances. You'll have to provide tax returns for at least the last three years - and give them an incredibly detailed breakdown of your budget.
My husband and I both struggled in our early twenties, and had lousy credit. At this point in our lives, we have no debt, own our home, live within our means and are committed to not creating any new debt. They are mostly concerned with your ability to financially care for the child now. Be honest about all of your current expenses and income. It wouldn't hurt to show that in addition to being in a good position now, you've also taken care of any future possibilities by having life insurance and disability insurance. They aren't looking for perfection - they are looking for financial stability and an assurance that you will be able to adequately provide.

ETA: It sounds like you really don't have anything to worry about. Your credit is fine, you're preparing for the future, you are financially stable and have the money to support your family. Good luck!!

somebody d

honey, every living soul stuggles financially sometime in life, they are looking into that they are more worried about a criminal background than past finances.

Randy B

In both of my adoptions I never got asked about finances other then just the basic questions such as how much I make, how long have I worked where I work and was there any reason we couldn't adopt, financially speaking of course. If there was a problem and I didn't disclose it they never would have known.

Now, in your area it could be different but that was my experience.

thefoxxww2

Sweetie - I had a bankruptcy and my agency didn't even blink an eye. As long as you are financial able to provide for the child - that's really all that matters.

Mommy Of Three!

I would think as long as everything is paid off now and up to date it shouldnt matter! They might ask why you had problems like this but i wouldnt worry cause everyone struggles at one point or another GOOD LUCK!

Bo Peep

From what you have said I don't think you have anything to worry about at all. Home study can be terribly worrying but the imagination is far worse than the reality. Personally I would use your situation as a positive - you've been through tough days together and your relationship has survived and is stronger for it. Say, "we've learnt from past mistakes/difficulties, and now understand the importance of managing our finances well, as you can see from our current financial situation."

With home study they really aren't trying to 'catch you out' and will understand that EVERYONE has things in their past that they wish wasn't there, but the important thing is not what you have done (within reason, and so long as it isn't child abuse!!) but what you have learnt from your past and this has shaped your character and made you the person you are today.

I have seen people who have criminal records get through home study, because their crime was done when they were a teenager or at a 'stupid' time in their lives etc etc...

I have seen people who have been repossessed...but have survived and learnt from the experience.

In life we do learn from our negative experiences and ultimately this helps us become good parents as we can try to help our children avoid traps that we fell into...but if they don't at least we can sympathise and show them a way out because after all, we found one.

Try not to worry too much and congratulations on the start of a wonderful wonderful journey!

BPD Wife

Speak with your agency honestly. They will answer your question as it pertains to their requirements.

I believe the only reason that the financial information appears on a home study is to insure that you can financially provide for a child. Also, it is my understanding that SOME (NOT ALL) bio parents do ask about financial status of prospective adoptive parents when they are trying to choose a family. I know that it was a "concern" for our bio family when they chose us. They wanted to make sure that we could handle the child's medical needs since he had a special medical disorder.

I would be honest with your agency and see what they say. They are the ones best able to answer your question.

Good luck.

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