Personal Bankruptcy & Family: Retake Control of Your Finances
Have you been losing out on quality time with your children as a result of having to work more to catch up on debt?
Has your relationship with your spouse deteriorated over arguments about your finances?
Do you worry that borrowing money from your parents will leave them with little as they get older?
If any of these situations have made their way into your family's life, know that you're not alone.
Many Families Are in Similar Economic Situations—Separate from the Pack
Financially providing for your family these days can be a challenge.
In the book The Two-Income Trap, Harvard law professor Elizabeth Warren and her daughter Amelia Warren Tyagi examined some reasons why parents are struggling to provide for their families:
- According to Warren Tyagi in an interview with MotherJones.com, average mortgage expenses have grown 70 times faster than the average father's income, forcing both spouses to have to work to provide for their family.
- As reported in Time, working couples with kids make 75 percent more today than people in the 1970s; however, their comparative discretionary income has been nearly cut in half due to rising housing costs and higher expenses for education and raising children (view more economic statistics).
Although many Americans are feeling financial stress, you should know that many have been able to resolve their financial problems and get a fresh start through bankruptcy.
How Filing Bankruptcy May Help You
The U.S. Bankruptcy Code provides two primary options for families who are striving for a fresh financial start: Chapter 7 bankruptcy offers qualified debtors an opportunity to eliminate certain debts and Chapter 13 bankruptcy provides relief by reorganizing debt payments and allowing people to keep their property.
Under Chapter 7 bankruptcy, many families in financial distress have been able to wipe clean unsecured debts like credit cards and medical bills.
Chapter 13 bankruptcy has provided breathing room for other families by establishing a repayment plan for overdue payments on things like home mortgages and cars.
Know the Facts About Filing Bankruptcy
By visiting Clear Bankruptcy, you've already taken the first step toward learning more about filing bankruptcy. Now, let us put you in touch with a local bankruptcy lawyer who can help you determine whether filing personal bankruptcy could be the right debt-relief solution for you and your family.