Each year, about one out of every 55 U.S. households will include someone filing for bankruptcy. Within those households, women are more likely to file for bankruptcy than men, but only slightly so. According to the debt education organization Debt.org, about 48% of bankruptcy filers are men and 52% are women. The reasons vary. Read on for more information about the gender split in filing for bankruptcy and the causes behind it.
Why Do Women File for Bankruptcy More Often Than Men?
Women file for bankruptcy slightly more often than men for several reasons. First, they usually make less money at their jobs than men because in the U.S. women on average make 76.5% of what men make. Women are also less likely to receive promotions in most fields and are more likely to work in lower-paying fields. In addition, women are more likely to be single parents and face the entire burden of household expenses. This sometimes causes them to seek out riskier forms of debt, like payday loans, credit cards and high-interest personal loans. When the debt becomes overwhelming, women who are struggling with debt may turn to bankruptcy as a way out.
When Is Bankruptcy a Smart Choice for Women?
Bankruptcy can be a smart choice for women who are facing old debt from past relationships, those who are unable to pay even their basic household expenses and single mothers who have so much overwhelming debt that they are unable to take care of their children’s daily needs. If this sounds like you, don’t just let the debt pile up. Speak to a bankruptcy attorney about your options as soon as possible.
Will My Family Lose Our Home and Our Belongings?
It’s natural to be concerned about your family and your property. A bankruptcy attorney can help you understand how to use Indiana exemptions to protect your home’s value and some of your most treasured possessions. Indiana homestead and wildcard exemptions, for example, can cover many thousands of dollars in residential and personal property value. You can also select Chapter 13 bankruptcy, which may allow you to remain in your home and catch up on mortgage payments. This prevents a shakeup in your living situation while you clear up your finances with bankruptcy.
Can I File for Bankruptcy If I’m Married or Divorced?
A woman can file for bankruptcy regardless of her marital status. Whether you are single, married, separated, widowed or divorced, you’re eligible to file. If you’re married, your spouse doesn’t have to file for bankruptcy at the same time. If you’re contemplating divorce, however, speak to a bankruptcy attorney before filing for divorce so you can weigh your options and the potential consequences involved.
Sawin & Shea – Indianapolis Bankruptcy Attorneys
Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy. We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.