Almost everyone borrows money at some point in their life, and anyone can fall into debt. Borrowing money and being in debt has nothing to do with a person’s gender. Additionally, the debtor can be of any age, economic background, religion, race, etc. In the United States, debt comes naturally to most people as a result of medical bills.
However, it is still important to understand which gender is more likely to be in debt to understand the reasons behind it. To file for bankruptcy in Katy, contact an attorney today to understand your legal options.
Women file for bankruptcy slightly more than men
Even though bankruptcy and debt have nothing specifically to do with gender, it has been statistically found that women are slightly more likely to file than men. According to research, the filers of bankruptcy are 48% men and 52% women. This means that women are more likely to use this legal tool to deal with their debt than men.
Bankruptcy has all sorts of negative connotations associated with it. Most people in Katy think of it as a way to confess that one has failed financially and a personal failure. While this is not true, there is a societal pressure on men to become the breadwinners of the family. Therefore, when they go through money problems, they hesitate to publicize the fact and try to hide it as much as they can.
However, when it comes to women, things are a bit different. Women are more likely to make decisions that benefit their families, regardless of what the world thinks about them. There could be another reason for this. There are more women than men in the US, with 97.948 males per 100 females. Since they are greater in number, it might also affect the statistics.
When is bankruptcy a smart choice for women?
Even though the world has progressed and women and men are looked at the same way, women still face some issues. Women are more likely to suffer financially after coming out from bad relationships and marriages. Single mothers also have a hard time paying for even the basic household expenses, not to mention the expensive costs of raising a child.
If this sounds like your situation, you should not hesitate to file for bankruptcy. It is better to take control of the situation rather than sit and watch bills pile up on your coffee table. You can also speak to an attorney who can explain your options and help you build a strong case.
