The Why’s of Women Going Bankrupt in Indiana

December 27, 2012 8:14 pm Published by

“A silent feminization of bankruptcy may be underway,” observes the American Bankruptcy Institute.  As a longtime debt consolidation lawyer offering bankruptcy help in Indiana, I agree.  In fact, around the five Zuckerberg bankruptcy offices, we find that feminization may not be so silent!

This week I want to devote my Bankruptcy in Indiana articles to women, exploring why more and more women are seeking help from Indiana bankruptcy law to, as ABI puts it, “stabilize their falling economic circumstances”.

The fact is, as mybankruptcyguy.com baldly states, over the past twelve years, the number of women filing personal bankruptcy has increased an amazing 662%. Mybankruptcyguy thinks that reflects “a set of social barriers that women have to face more often than men, including

  • Lower earnings
  • Divorce
  • Single mothers without child support
     

Let’s talk about the child support issue. I don’t need to read a lot of statistics about the fact that fewer than half of single moms receive all the child support they were awarded. I know this is the case, because the majority of clients who seek my help as a debt consolidation lawyer and Indiana bankruptcy attorney…are female!  After more than twenty-six years of providing Indiana bankruptcy help, I’m sensitive to the fact that many of these women are fighting hard, against enormous odds, to provide financial security for themselves and their children.

With money so tight to begin with, women wonder if filing personal bankruptcy in Indiana is the right course of action, and whether they can get together enough money for the bankruptcy filing fee, much less enough to cover the costs of a lawyer.  My colleagues and I agree on this one – we’d much rather spend time personally meeting with a woman, helping her understand her options before she pays any money to anyone.  The last thing any of us would want to do is add to a single mom’s financial burdens before we know to what extent we can be of help.

The American Bankruptcy Institute goes right to the heart of the matter in saying that “divorce is a financial catastrophe for many women.  Women typically are left with children to support and bills to pay from the marriage.  They are often granted inadequate support payments – and sixty percent are unable to collect what they have been awarded.”

To me as a lawyer for bankruptcy in Indiana, it’s plain: The feminization of bankruptcy has an awful lot to do with unpaid child support following a divorce!

 

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This post was written by Mark Zuckerberg

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