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.
Protection for Your Children's Assets
Your ability to exempt, or protect, your assets includes your children's clothes, furniture, and toys. A bank account in your child's name or an education savings account is exempt during bankruptcy. Filing for Chapter 7 bankruptcy does not prevent you from contributing to reasonable tuition to a private school or disqualify your child from receiving financial aid to attend college.
Contact a Collin County Bankruptcy Lawyer
Getting your debt under control will put you in a stronger position to support your children moving forward. A Frisco, Texas, bankruptcy attorney at The Page Law Firm will discuss your bankruptcy options and help you come up with a plan that is best for you and your child. Schedule a free consultation by calling 214-618-2101.