Debt can be problematic at any point in life, but it might be especially troublesome during periods of change. Divorce is just one example of this. Women in Florida might be particularly at risk for developing problems with debt after divorce. The factors that complicate women’s financial problems after divorce are often out of their control, but forms of debt relief like Chapter 13 bankruptcy can help.
Couples must divide up their debt during divorce. But what happens if a woman’s ex-husband is responsible for repaying a joint debt, but ends up not doing so? Creditors can still come after the woman for repayment even if the divorce decree says she is not responsible. The sudden addition of an unexpected debt plus things like interest and penalties can make it impossible to keep up with not just bills, but also the regular costs of living like groceries and rent.
On average, women also earn less than men. In 2018’s fourth quarter, the average woman employed full time or on salary took home $796 per week. During that same time, men took home $991. In addition to this income disparity, a survey by Experian found that 50% of divorced women say their ex-husbands ruined their credit ratings.
Few people may want to consider something like bankruptcy after already going through a divorce. However, divorce can lead to serious financial complications that make it difficult for Florida residents to fully move forward with their lives. Chapter 13 bankruptcy can set these people on a well-defined path that leads toward debt relief and a better foundation for financial security.