Note: Photos are from the rose garden at Butchart Gardens in Victoria, B.C., Canada.Â I purposely selected single roses.
I have written about the subject of money before, but the book I just read has such hard core facts that I wanted to share this information with you.Â The book is called The Two Income Trap by Elizabeth Warren and Amelia Warren Tyagi (mother & daughter duo). Most of the book is about the cost of owning a house with the startling statement that the average middle-class family can no longer buy a home unless both parents work.
Since those of you reading this blog are probably divorced or considering it,Â you may have already realized that if you do separate or have separated, one income isn’t enough to keep your house, if you are a homeowner. (Please read more below about single parenting and bankruptcy.)
In this book, there was an entire chapter devoted to single parenting called “Going it Alone in a Two-Income World.” What I found interesting was the quote that “This year more children will live through their parents’ bankruptcy than their parent’s divorce.” (This book was published in 2003 by Basic Books, so the stats are seven years old.)Â Since my ex-husband went bankrupt with our family business, I experienced both of these—bankruptcy while going through divorce. Not sure there is a statistic on that one! But the loss of income was devastating and I never regained the middle class standard of living we had while I was single.
What was even more relevant was the co-authors’ statement that, “If current trends persist, more that one of every six single mothers will go bankrupt by the end of the decade”…..And they estimate that the number of single mothers in bankruptcy has increased more than 600% in the last 20 years.
If you are facing bankruptcy, I suggest you find someone who can help you through this difficult period. Unfortunately, my husband went bankrupt with our business and the bank took our home, a big insurance policy, and much more.Â Since it was business-related, and I was no longer a partner, my hands were tied.Â But if you are facing personal bankruptcy, either while going through divorce or after you become legally single, please get help. (See below.)
I Googled the topic of single moms and bankruptcy and found this information:
“If you are a single mom facing overwhelming debt that you have no hope of paying, we urge you to take charge of your situation. Call for a free consultation with a bankruptcy attorney and learn about your options.”