Managing Divorce and Surviving the Debt That Follows
Surviving divorce and understanding the divorce process is a challenge in itself, but did you know that divorce is also one of the leading causes of bankruptcy today? As a divorcing party, if you are not careful, a divorce can burn through all of your assets and leave you with nothing but debt.
This is very evident during the troubling economic times so many couples face today as they wade through credit card debt and foreclosures. If not handled properly, a divorce can equal bankruptcy in just a few short months. Without that second income from a spouse, or the need to pay child or spousal support, money priorities quickly shift making it harder if not impossible to pay the bills on time or at all.
For example, a father made more than a million dollars annually prior to his divorce. A little later down the road following his spendy divorce, this father also found himself facing bankruptcy.
There is help during divorce and after that assists individuals in paying off their debt without running to the courts for a bankruptcy when all else fails. The divorcing dad could have utilized a debt guide designed to teach its readers how to get out of debt fast without having to file for bankruptcy.
Think you are immune to the bankruptcy syndrome? Don’t be so sure. According to Joseph Pomykala’s article “Wrestling with Bankruptcy,” the odds are stacked against you:
- In 1998, one of every sixty-eight families in the U.S. requested bankruptcy protection. That figure has grown consistently over the years.
- In fact, claims for bankruptcy are on the rise in the US and currently double the claims filed during the Great Depression.
- The average family is responsible for fifty-eight thousand dollars in debt.
- Since 1978 credit card and unsecured debt have increased by about fourteen percent every year.
- About nine percent of those who file bankruptcy have filed for protection before.
Of course the most relevant statistic of all states that forty percent of all bankruptcies are a direct result of divorce, unemployment and medical crisis. The reality is divorce has a way of impacting a life in ways they may not have foreseen. By using a guide on consumer debt, you can lower your risk of relying on bankruptcy for help.
Tagged with: Help during divorce • surviving divorce • Understanding the divorce process
Filed under: Divorce
Like this post? Subscribe to my RSS feed and get loads more!
I don’t hang out at blogs much but I like yours. Thanks for the posts. I have enjoyed reading here.
Hello, maybe this can be off topic but anyway, i’ve been browsing around your site and it looks really extremely neat. I am building a replacement blog and struggling to form it look good, everytime i bit something i mess it up. How laborious was it to make your site? Could someone like me with no experience do it, and add family update pages without wrecking it every time?
Do I comprehend what you are saying surely. Your post is like a long drink of iced water in a steaming jungle of hype. I was an opportunity seeker for way too long.