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What Does Bankruptcy Mean for a Single Dad?Being a single father is not easy. Even though you probably have a co-parent, it may feel like you are parenting alone.  Unfortunately, it can also put a strain on your finances. You no longer have your co-parent’s income to help pay for your living expenses, and a significant percentage of your income may be going towards child support. If your co-parent is no longer in the picture, you may be solely responsible for all of your children’s expenses, as well.  When you feel like you are drowning in debt, filing for bankruptcy may be your best option for relief. As a caring father, you should also know that bankruptcy will not prevent you from being able to provide for your child.

Why You May Need Bankruptcy

Single parents face financial challenges that can make it difficult to keep up with debt payments:

  • Your responsibilities as a parent may limit the hours you can work and cause you to pass up on job opportunities that could increase your income.
  • Supporting your children leaves you with less disposable income and you may have used a credit card to pay for necessary expenses.
  • There can be unexpected child expenses, such as a medical emergency.
  • Even though you are on a tighter budget, you want your children to have the same opportunities and experiences as their friends.

Filing for bankruptcy can give you a fresh start on your unsecured debts. Depending on the type of bankruptcy you use, you could discharge your unsecured debts or create a more manageable debt repayment plan.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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