It is not easy becoming a single parent. It can sound like you are parenting alone, even though you presumably have a co-parent. It may also, sadly, place a burden on your finances. To help pay for your living costs, you no longer have the income of your co-parent, and a large amount of your income will go to child care.
If your co-parent is no more in the frame, you will also be entirely liable for any of the costs for your children. Filing for bankruptcy could be your only hope for help if you feel like you are sinking into debt. You should also realize as a good father that bankruptcy won’t prohibit you from being able to care for your kids.
Why You May Require Bankruptcy
Single parents experience financial problems that can cause loan repayments impossible to keep up with:
- As a father, your obligations can restrict the hours you may work and lead you to pass on employment opportunities that could improve your earnings.
- You have less available money to help your baby, and you could have used a credit card to compensate for the required expenditures.
- Child costs may be unpredictable, such as a medical issue.
- You want your kids to have the same resources and activities as your mates, even if you are not on a smaller budget.
Filing for bankruptcy will give your unsecured loans a new start. You could cancel the unsecured loans or build a more sustainable debt recovery scheme, based on the form of bankruptcy you are utilizing.
Security For the Belongings of Your Children
Your right to exclude, or cover, your property requires the belongings, furniture, and toys of your children. During bankruptcy, a bank account in the name of your child or a school savings account is excluded. Filing for bankruptcy under Chapter 7 would not prohibit you from paying affordable private school tuition or dismissing your kid from seeking financial assistance for college attendance.