Single parents face all of the challenges of couple parenting together, but they have the added struggle of doing it on their own. And unfortunately, far too often, these challenges are financial. Financial difficulties are one of the most common issued faced by single parents. Single parents must manage all of the usual expenses of a household – mortgages, car payments, credit card debt, expenses related to raising their children – but do so on their own.
Even if you’re receiving child or spousal support, you’re still budgeting without the assistance of another person. Like many of the major decisions you’ll face in life as a single parent, you’re on your own when it comes to financial issues.
Making matters worse, financial struggles have a tendency to be more intense when you’re single. Some studies show single mothers are at last twice as likely to file for bankruptcy compared to single women without children. Not to mention the loss of a job when you’re a single parent can mean the loss of health insurance for your entire family without the safety net of a spouse. Considering how many bankruptcies are caused by medical debt, it’s easy to understand why the risk is so high when you’re a single parent.
How Do I Know Bankruptcy is My Best Option?
As a parent, you’re always looking for ways to make your child’s life better. That can be a tall order when parenting alone, especially if you’re facing financial struggles.
The best thing you can do if you feel you are drowning in debt and you’re worried it will affect your child’s quality of life is to take action. Ignoring the problem will result it in it worsening and sooner or later, it’s going to take a toll on your child and your relationship with him or her.
Bankruptcy is one of the best tools you have, as a single parent, for dealing with financial issues. It can help you “reset” your financial situation and get a fresh start. It will also help you get the daily stress of debt under control and ensure that your financial future is brighter than your current situation.
If you’re wondering if bankruptcy might be right for you, but you aren’t sure whether to go ahead and file, consider the following:
- Chapter 7 bankruptcy allows you to eliminate your unsecured debt
- Chapter 13 bankruptcy can make it possible to remain in your home and protect many of your assets, including your retirement savings.
- Bankruptcy no longer carries with it the stigma it once did – today, many people are using bankruptcy as a tool to deal with difficult financial times
- Bankruptcy will result in an automatic stay which stops all debt collection efforts against you
To learn more about how the automatic stay works, Cornell Law School explains it here.
Single Parents Can Use Bankruptcy for a Fresh Financial Start
There is no reason why you should try to handle your financial challenges on your own. You’re a single parent, but that doesn’t mean there isn’t any support available. Working with an experienced bankruptcy attorney can help you determine if bankruptcy is a viable option and will make filing easier if you decide it’s the right option for you.
To learn more or to schedule a consultation to discuss how bankruptcy can help a single parent struggling with financial challenges, contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation.