To explore the male side of filing individual bankruptcy in Indiana , this week I’ve had colleagues the good bankruptcy attorneys in Indiana who are my colleagues sharing opinions about the factors that impact men, causing them to need the bankruptcy safety net in order to survive.
Last week, in talking about women who file bankruptcy in Indiana, I quoted mybankruptcyguy.com, who believes that three barriers women have to face more often than me include lower earnings, divorce, and lack of access by single moms to child support.
Looking at the other side of the coin, my colleagues pointed out how overwhelmingly difficult it can be for a man to keep up with payments on credit cards and also keep up with child support.
And, while statistics show that men in general have higher earnings than women, a second very, very big factor in male bankruptcy is job loss. No doubt about it, layoffs continue to be a big cause for personal bankruptcy in Indiana for men. I reminded readers of a very common situation, in which, following a divorce, the man is responsible for keeping up health insurance for the children and ex-spouse. COBRA premiums can present a giant challenge for a man who lacks income from work.
I've mentioned before that the five Zuckerberg bankruptcy law offices serve Indiana's Southern Bankruptcy District, covering 55 counties. The fact is that several of the cities in those counties have made recent business news because of closings and layoffs, and many men were financially hard hit in those areas.
Divorce attorney Silvano Raso, writing in the Huffington Post, remarks that “in divorce, it’s commonly assumed that the soon-to-be ex-husband will get the short end of the stick in the divorce settlement, and she urges men not to be in a rush to move out of the house. From my point of view as a longtime debt consolidation lawyer offering Indiana bankruptcy help, I realize that no matter who moves or doesn’t, the divorce could end up making the couple need help to stop foreclosure. In many, many divorce situations, it can be a struggle to hold onto the house at all.
Man or woman, if you're filing personal bankruptcy in Indiana and are also involved in a divorce, it's crucial for your divorce attorney and your Indiana bankruptcy lawyer to coordinate their efforts on your behalf.
The bottom line is that divorce remains one of the three leading causes of bankruptcy for both men and women.
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg