This week in my Bankruptcy in Indiana articles, I’m exploring the male side of filing individual bankruptcy in Indiana. Last week, I quoted mybankruptcyguy.com, who believes the increase in women filing personal bankruptcy over the past twelve years reflects barriers women have to face more often than men, including
- Lower earnings
Single mothers without child support
On the other side of the coin are the factors that impact men filing individual bankruptcy in Indiana. I’d asked colleagues in the five Zuckerberg bankruptcy law offices to share ideas on the subject. Two of my colleagues, a Columbus bankruptcy lawyer and a Richmond, Indiana lawyer for bankruptcy discussed how overwhelmingly difficult it can be for a man to keep up with payments on credit cards and also keep up with child support.
A second very big factor in male bankruptcy is job loss. Even though statistics show that men tend to earn higher wages overall than women, layoffs continue to be a big cause for personal bankruptcy in Indiana. And if, following a divorce, the man is responsible for keeping up health insurance for the children and ex-spouse, it may present an insurmountable obstacle to pay COBRA premiums while searching for work.
As every Indiana bankruptcy attorney knows, when it comes to filing Indiana bankruptcy Chapter 7 or filing under Chapter 13 bankruptcy law, there are standards for income are based on the median income for each area of our country, as measured by the U.S. Bureau of Labor. The numbers relate to the number of people in the household, because obviously, the more people that must be supported, the greater the number of dollars that must go towards paying expenses rather than towards paying off the debts. Those median income numbers change twice a year, in March and November, tracking the government statistics.
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.
Despite the statistics about higher earnings for men, job loss remains one very big factor in men's filing of personal bankruptcy in Indiana!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg