A divorce is an upsetting and stressful time for anyone, but people who have spent a number of years staying at home and out of the workforce to parent their children face an extra level of worry. If you're a stay-at-home parent facing an impending divorce, you risk having much of the financial support you've depended on cut off. That means re-entering the workforce with an out-of-date resume, finding child care, and learning to budget your money on a whole new income.
- Depending on your current state of finances, filing for bankruptcy may be beyond your means. While the actual filing fees are around $300, the fee to engage a lawyer on your behalf is much more. Generally around $1,200 for a chapter 7 bankruptcy and $3,000 for a chapter 13 bankruptcy. However, an experienced bankruptcy attorney is worth their cost, as bankruptcy cases filed by an attorney are between 35%-55% more successful than petitions that are filed by an individual.
- Kids are a huge responsibility in so many ways, but if for whatever reason you decide you can't handle your financial obligations to them, be warned: You may have to pay a very high price for not paying child support. Here are 10 of the top reasons you need to keep up your end of the bargain. 10. Your kids need stuff. Going through school, puberty and life in general are tough enough on a child; don't make it worse by taking things away from them.