I just read a very interesting article in the New York Times, stating that Olympic Gold Medalist Gabby Douglas' mother has recently filed bankruptcy and that Olympic swimmer and Gold Medalist Ryan Lochte's parents haven't paid their mortgage since 2011. The article went on to elaborate that, while we might assume without further investigation that the financial issues were as a result of paying for expensive lessons and fees that come with being a parent to an olympic athlete; the olympic training really had little to do with it.
According to the Times article, both Gabby's parents and Ryan's parents had separated and are in either in the process of divorce or are newly divorced. This is a very common theme in those I meet with at Halcomb Singler, who are considering filing Chapter 7 or Chapter 13 bankruptcy in Indiana. It doesn't take a bankruptcy expert to understand that splitting up a home can be financially devastating. First, there are the divorce attorney expenses, which can easily run upwards of $10,000.00. But even more importantly, there is the division of the household from one household to two. This is extremely significant because the household expenses remain about the same, but the income to contribute to those household expenses lessens. On top of that, it is difficult to adjust your way of living to a lessened income after years of being accustom to that way of life. According to the article, divorced mothers are at the highest risk of filing for bankruptcy.
The article goes on to discuss how most Americans don't want to acknowledge their financial struggles publicly and feel ashamed about their situation. These feelings are in spite of the fact that we are likely all living in the worst economic times our country has or will see in our own lifetimes. And while I will never argue against personal responsibility, I do wonder if at some point the so-called stigma and shame that most people have along with their financial problems will lessen as more and more people struggle with their finances in the times to come. I do hope that at some point Americans will look at bankruptcy more as a business decision than a scarlet letter. What I mean is that instead of thinking of bankruptcy of this serious emotional event that individuals would simply be able to look at it as a math problem, similar to the way a corporation may review its finances. I know it is much easier for me, as a third party advising people in Indianapolis whether or not to file bankruptcy, to look at it without the shame and stigma associated with bankruptcy. However, the fact is that times are rough right now. Gas prices are up. Food prices are up. The cost of living overall is way up, but wages are down. Shouldn't the public perception of bankruptcy be changing as the hard economic times continue?
The reason that I continue to dedicate my time to this blog is that I know most people don't want to go to their friends and family to discuss money problems or that they are considering filing bankruptcy. I know from the large amount of clients who read my blog online and eventually make an appointment that the public turns to the internet to research whether bankruptcy could help or whether they would qualify for bankruptcy. For some reason in these very difficult economic times many still feel shame for having financial problems even though there are many individuals and families dealing with similar issues. Since I know how many incorrect or outdated facts are on the internet about bankruptcy (and everything else) I hope that my blog continues to provide people in Indianapolis and the surrounding areas with current and helpful information regarding bankruptcy. However, each person's situation is different and I can only advise people regarding bankruptcy after I have met with them and learned more about their financial situation. Sometimes filing bankruptcy will help and sometimes it will not. Regardless, I am willing to sit down and go over bankruptcy facts with anyone living in the Indianapolis area including Fishers, Noblesville, Carmel, Zionsville, Tipton, Kokomo and Greenfield free of charge. No pressure to file. If you want to meet with me at Halcomb Singler's Carmel office, call (317) 575-8222 x. 12 or click here and we will contact you.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
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