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Women and Bankruptcy
Recently, Salary.com calculated, "What is a Mom's Work Worth?" After looking at the hours spent, the nature of the jobs performed, and the average industry salaries for those jobs, they concluded that a stay-at-home mother's work is worth approximately $118,905 and a working mother's work is worth approximately $70,107. (Of course, the value of a mother is truly priceless.)
That report got us reflecting on our own experiences here at Mack & Associates. By a small margin, more women than men file bankruptcy. Sometimes this is because the women are busy with the unpaid labor of raising children. Sometimes it's because the fathers don't fulfill their domestic support obligations. Either way, mothers all too often find themselves struggling to make ends meet.
Even for those who don't have children, there are many reasons women might be more likely than men to use the tool of bankruptcy to protect themselves financially. For instance, the gender wage gap, while complex in nature, is still very real with women who work full-time earning 77 cents to every dollar their male counterparts earn. Whatever its cause, the effect is that women tend to make less money resulting in greater financial strain. Also, according to the U.S. Dept. of Labor, more women than men are entering college, resulting in more women carrying the financial burden of student loans. According to the US Women's Chamber of Commerce, prior to the housing market crash, women were 32 percent more likely than men to have received subprime loans regardless of income. Worse, women were 41 percent more likely than men to have received higher-cost subprime loans, also regardless of income. Those loans were frequently the result of predatory lending, leaving many of those women in a lurch.
In light of these and other challenges that women face, it's no surprise to us that they are often the ones who are more proactive when it comes to finding solutions to their financial problems - including bankruptcy. If you're also ready to get out from under the overwhelming debt you're carrying, contact us today.