After divorce, single parents face new challenges that come with co-parenting, but they also have to face the struggle of handling things on their own. Many of the struggles single parents face often circle around money and finances. Financial struggles are one of the most common issues the average single parent faces.
Most Common Financial Struggles Single Parents Face:
Single parents must quickly learn to manage all their expenses on their own, and in many cases, they must abruptly learn to juggle expenses with one income instead of two. Managing household expenses means mortgage payments or rent, car payments, credit card debt, childcare expenses, and much more. Even if there is a child support order or spousal support order in place, it can be difficult to put in place and manage a feasible budget without the help of a second person. Being on your own comes with a lot of additional responsibility; and a large portion of the weight comes from financial issues.
Financial Difficulties Tend to Be Heavier When You’re a Single Parent
Some studies indicate that single moms are about twice as likely to file bankruptcy in comparison to single women without kids. Financial difficulties just tend to be heavier when you’re a single parent. For example, when you’re a single parent, the loss of a job could mean the loss of health insurance for your entire family and there’s no “second” parent with health benefits to provide a safety net. Considering that many bankruptcies are a result of medical debt, it’s less surprising that the likelihood of filing bankruptcy increases significantly for a single parent.
Is Bankruptcy a Good Option for Single Parents?
If you’re a single parent, you are probably always considering different options that could make your child’s life even better. When you’re a single parent facing financial struggles, this can be a tall order. When bankruptcy becomes a serious consideration, how do you know if it is your best option? The best thing to do if you are a single parent drowning in debt and worried it is negatively affecting your child’s life and your home life in general, is to be proactive. Take action. Don’t ignore the problem until it escalates. Seriously consider the protections of bankruptcy before the problem is unbearable.
When a Single Parent Should Consider Bankruptcy:
Bankruptcy is an effective tool for single parents drowning in debt. When facing financial issues, filing bankruptcy can mean a reset or a “fresh” financial start. Many bankruptcy filers find that the bankruptcy process effectively relieves a large portion of their daily stress related to out of control debt. With a fresh financial start, the future suddenly looks brighter and today feels lighter.
If you have questions about filing Tennessee or Georgia bankruptcy and you want to discuss how bankruptcy can help single parents, get in touch with an experienced bankruptcy attorney. Don’t hesitate to call Kenneth C. Rannick P.C., Tennessee, and Georgia bankruptcy attorney. We help good people through bad times.