There has been no shortage of people affected by recent financial turmoils around the world. People have had to allow their homes to go into foreclosure and millions have lost their jobs. Right alongside these other unfortunate statistics another segment of the country has been growing – the number of people filing for bankruptcy. Many of the previously mentioned financial hardships have caused record numbers of people from every walk of life to file for bankruptcy. Men and women of every race and from every economic bracket have had to file bankruptcy as the economy has gone through massive shifts in the past few years. Has bankruptcy been harder on some groups of people than it has been on others.

Women Bankruptcy Cases Escalating

Since 1999 statistics have continued to show that women are filing for bankruptcy, both as singles and as part of a married couple, at steadily rising rates. Women make up approximately 60% of the American workforce. Since so many jobs have been lost in recent years, the numbers clearly point to more women being affected by the unsteady job market than their male counterparts.

Bankruptcy Hits Women Harder

It’s a proven fact that women make less money on average for the same work as men. As a result of this imbalance women have lower incomes and fewer financial assets than men do. This becomes even more evident when single moms are brought into the equation. The single, fastest growing segment of people filing bankruptcy is that of single parent households. Single moms are having difficult times in these unsure financial times and are having to choose bankruptcy as a means of getting through trying financial circumstances.

Alimony & Child Support Payments

Single moms have even more of a financial challenge where alimony and child support payments are concerned. There are many women and children that depend heavily upon supplemental income that comes in the form of child support and/or alimony payments. If these payments drop off or stop altogether, it can make paying the bills extremely difficult. Many men are having to file for bankruptcy these days too. Bankruptcy does not negate any child support or alimony decisions. Unfortunately, many men are unwilling or unable to pay these costs every month when they are going through a bankruptcy. This leads to a Catch 22 for some women. Even if they are not going through a bankruptcy, the lack of child support or alimony from their ex-spouses can make paying the monthly bills so difficult that these women, in turn, have to file for bankruptcy themselves.

Women living in Chandler AZ, need to be aware of the state laws regarding child support and alimony in regard to bankruptcy. These women also need to understand the implications and potential help that is available through bankruptcy if they are going through financial troubles. The bankruptcy laws are in place to help people, and women in need of financial help may be able to ease their burdens by considering this option.