Do Women File Bankruptcy More Than Men?
As politicians gear up for the 2012 elections, the number of bankruptcy filings by women continues to outpace men. While men filed their fair number of bankruptcies in the past few years, the number of women filers exceeded men by 150,000. When bankruptcy reform was considered in 2005, the impact on women, especially single mothers, weighed heavily into the debate. With the ongoing recession, job losses and credit crunch do we need to reconsider how some women rely on bankruptcy relief when times get tough?
Many say yes. Let’s take a look at the facts:
Many women find themselves in weakened financial positions after a divorce. While married life may have provided additional income, divorce can leave them with excessive debts which only bankruptcy can remedy.
The number of single parent households led by women is on the rise, but with single parenthood comes additional expenses. While child support can help bridge the financial gap, if an ex-spouse is unable to pay child support due to a job loss, many women are forced to consider bankruptcy when they simply can’t continue to pay their bills.
While the gender gap continues to narrow, many women still earn less than men. This gender gap in wages can leave women more vulnerable to financial issues that require the help of bankruptcy. Many women facing the prospect of foreclosure , high credit card debt and a reduction of wages turn to bankruptcy to eliminate many of their debts while they downsize their lifestyle.