If you are a single mom who has recently gone through a divorce, your credit might be in rough condition. The fact is, this kind of situation is not uncommon. With that said, now could be a good opportunity to turn your finances around, and filing for bankruptcy may help.
Life changes like divorce often leave women in unexpectedly vulnerable financial positions, but that does not mean things need to stay that way. If you are currently facing significant debts and you cannot see a way out, bankruptcy can help you break free and start over. Read on to consider how.
1. Start over
Among other ways that it can disrupt your life, divorce is a leading cause of bankruptcy. When spouses separate, one often leaves the other with an unmanageable amount of debt. If this sounds familiar, filing for bankruptcy can allow you to start over with a clean slate.
2. Start a business
After you have a clean slate, it can be a good time to learn how to start a business. From the very beginning, separate personal and business finances, and practice the budgeting skills you will review during bankruptcy. In general, women have often faced an uphill battle when it comes to financial limitations, but learning how to run your own business can help you financially get ahead.
3. Prioritize your family and goals over debts
At the end of the day, filing for bankruptcy and receiving a discharge can give you the chance to prioritize what matters most. Regardless of what you want to do next, investing in your family and goals should be a bigger focus than trying to pay down debts.
If you are a single mom who is drowning in debt, you deserve help. Bankruptcy may be a solution.
