Debt and Personal Bankruptcy for Women

Debt and Personal Bankruptcy for Women

Debt and Personal Bankruptcy for Women | brokeGIRLrich

When it comes to debt, it seems that men and women typically are on equal footing. It is estimated that almost the same amount of women and men are filing for insolvency. The reasons, however, appear to be quite different. Men’s insolvency issues seem to be directly related to unemployment and business failures. Women, on the other hand, are more likely to go broke due to the dissolution of a relationship or spending more than they earn.

If you find yourself in this boat, you should know that you are certainly not alone. You should also take comfort in the fact that you do not have to continue in this manner. One of the first things that you are going to have to do is to take a long, hard look at the debt that you collected. It is important to know just how much you are going to need to pay off. This way, you will be able to organize your finances better to ensure that you pay this amount off.

The second thing you are going to have to do is to prevent yourself from taking on any more debt. This may mean roughing it out for a little while – at least until you have paid off everything that you owe. Take a look at your lifestyle and figure out where you can trim the excess. Not only will this help you to stop accumulating debt, but it will also help you to put more money towards paying off your current debt.

In some instances, you may find that you simply owe too much money. If this is the case, you should not bury your head in the sand. Instead, it is time to see just what can be done about your mountain of debt. You should definitely contact a Scottsdale personal bankruptcy attorney straight away. This is because this individual will be able to assess the damage and come up with the best plan of action.

Many people feel ashamed about filing for insolvency, which is one of the reasons that they do not seek out this option. You may find, however, that declaring insolvency is actually what is best for you and your finances. While you can definitely seek out other avenues, you should not completely ignore this idea. At the same time, you should understand just what it means to file for insolvency.

There are six types of bankruptcy, but Chapter 7 and Chapter 13 are the most common. With Chapter 7, all of your debts are forgiven. Some of the assets that you own may be paid off in order to pay back some of your loans. With Chapter 13, you are still expected to pay off a portion of your debt. Typically, you will be provided with a three to five year plan, during which you have to repay a certain part of the accumulated debt.

Having to deal with financial troubles is never a pleasant aspect. However, it is important to understand just what options you have available to you. This way, you will be able to make a more informed decision.

2 thoughts on “Debt and Personal Bankruptcy for Women

  1. Shortly after we were married my wife declared bankruptcy as she and her ex had quite a bit of debt between them. Their son, now mine, was born premature and the hospital bills were over 10K.

    She went through bankruptcy, and within years we had her credit back up to where it wasn’t an issue.

    Things like this happen. It’s not the end of the road, and it wasn’t an issue for us. It was simply a financial stepping stone to get us where we are now. 33 years later we are financially independent and loving our job-free 50’s.

    Not to brag, but to emphasize that bankruptcy is a tool.

    Until next time, Peace!

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