If you’re a single woman, that is a woman who has never married, divorced, or widowed, and you are struggling to make ends meet, know that you are not alone. Also know there is a way up, a way to get free from debt, a way for a fresh start.
In many ways, the deck is stacked against single women. If you or someone you know has been dealt a bad hand, bankruptcy may be an option to consider.
- Bankruptcy as an Equalizer: For single women navigating an unequal economy and struggling with debt, federal bankruptcy law offers a vital lifeline and an opportunity for a fresh financial start. It is a tool for opportunity, not failure, and provides a means to break free from unmanageable debt.
- Disproportionate Financial Challenges: Several systemic factors contribute to the high rate of bankruptcy filings among single women:
- Childcare Costs and Expenses: Women are more likely to have primary custody of children, leading to increased childcare costs, credit card debt, and unforeseen expenses, such as medical bills.
- The Gender Wage Gap: On average, women earn less than men in the workplace, earning approximately $0.85 for every $1.00 earned by a man.
- Occupational Concentration: More women than men work in lower wage jobs, particularly within service industries like child care, retail, food service, and healthcare support.
- Impact of Divorce and Widowhood: Divorced and widowed women, especially those who paused their careers, experience a 43% drop in household income, significantly higher than the 23% drop for divorced men.
Given these factors and others, it is no surprise that single women are the largest demographic group to file for bankruptcy.
At the Van Horn Law Group, we have helped thousands of women who have been overwhelmed by debt and struggling to stay afloat. We listen with empathy and without judgment. And we act with a sense of mission and urgency.
If you believe we can help you or someone you know, reach out to us and take your first step toward a fresh start.
Marty Marks
Van Horn Law Group, Pittsburgh
The post In an Unequal Economy, Bankruptcy Can Be a Financial Reset for Single Women appeared first on .
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