San Jose Bankruptcy Attorney comments on a recent study that shows that middle-class divorced women and single mothers are most vulnerable to bankruptcy.
A recent study by Harvard Professor Elizabeth Warren demonstrates that educated, middle-class women are most vulnerable to bankruptcy. According to the study:
“Bankruptcy exposes the economic vulnerability and insecurity of middle class women. The women in bankruptcy, like the men who file for bankruptcy, are a fairly representative cross-section of the American middle class. Their education levels are slightly higher than the population generally, with women in bankruptcy more likely to have attended college than their counterparts. Most are employed when they file.“
The study also notes that not only are the women vulnerable to bankruptcy, they are also close to poverty. The majority of the women who are on their way to bankruptcy are either single mothers or are divorced and not receiving large amounts of spousal support or child support. Regardless, in the majority of cases they are the sole means of support for their children.
Given some of the recent family law cases in the public view where large settlements went to women who were divorced, it is easy to see that the public may have a somewhat stilted view of the process. Not every woman has a prenuptial agreement that delivers a fortune to them when the marriage is dissolved. The sad reality is that many women do not have adequate resources to provide for them and their children after a divorce and, in many instances, their husbands cannot or will not provide domestic support that will allow this to happen.
Middle-Class Mothers Most Likely To Be Bankrupt, US News & World Report, December 21, 2009
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