Bankruptcy Assistance for Single Mothers

Bankruptcy Assistance for Single Mothers : All know that filing for bankruptcy is challenging for anyone, but it might be worse for a single mother. A single mother has to bear a lot due to bankruptcy, so if you are a single mother in the United States who is facing a financial crisis. In that scenario, the government is here to help you in several ways. Apart from this, there are also foreclosure assistance programs for single mothers.

6 Best Filing Assistance Programs for Bankruptcy as a Single Mother

There are various programs available for filing for bankruptcy as a single mother that, includes:

  1. Unemployment Insurance Program for single mothers

There is a program called the unemployment insurance program that helps single mothers to receive cash perks if they have lost their jobs because of no fault of their own.

Eligibility Criteria for the Unemployment Insurance Program

Eligibility criteria for Unemployment Insurance help are applicable to single mothers from low-income backgrounds and single mothers who have lost their jobs.

How to apply for the Unemployment Insurance Program?

You can visit the website https://www.dol.gov/ , submit the necessary documents to apply for bankruptcy assistance or even call 1-877-889-5627 to file an unemployment claim.

  1. Chapter 13 Bankruptcy for single mothers

There is a program called Chapter 13 bankruptcy, which is a scheme provided under federal statute, similar to Chapter 7 bankruptcy, to help those who cannot repay their debts. Chapter 13 is also called Wage Earner’s Package. Single mothers who may demonstrate that they can repay their loans within three to five years can apply for Chapter 13 assistance.

Eligibility criteria for the Chapter 13 program

Single mothers who can repay their loans can apply for bankruptcy assistance.

How to apply for Chapter 13 bankruptcy assistance?

You can visit the site https://www.debt.org , submit the application form to apply for chapter 13 and also connect with the debt help agency for more details or call 888-505-2105.

  1. Chapter 7 Bankruptcy for single mothers

When you, as a single mother, cannot settle your debt problems, you have to determine Chapter 7 bankruptcy. Chapter 7 is also called liquidation bankruptcy, but there is no plan of repayment. They might sell your properties to assist in paying off your debts under the Chapter 7 Act.

Who is eligible for Chapter 7 Bankruptcy?

If you are in financial straits, Chapter 7 Bankruptcy might not be for you. Candidates should clear assorted issues before a bankruptcy court approves the filing.

  • You should not have filed Chapter 7 within the prior eight years.
  • You should not have filed a Chapter 13 within the prior six years.
  • Candidates should complete a debt counseling course with a certified credit counseling agency no more than six months before filing.
  • Applicants who fail the means test might still file a Chapter 13 bankruptcy.
  • Chapter 13 or Chapter 7 bankruptcy whose cases are dismissed should wait for a minimum of 181 days before another attempt.
  • If you can file, but the court considers if you are attempting to defraud your creditors, the court might dismiss your scenario.
  • Candidates should undergo a test of financial scrutiny. Your monthly income for the past six months should be less than the median income or AMI for a household of the same size in your state, or even you should pass a means test to consider whether you have sufficient income to make partial payments to unsecured creditors.

How to apply for Chapter 7 Bankruptcy?

You must visit the website https://www.debt.org , submit the essential documents to apply for Chapter 7 Bankruptcy, or call 888-505-2105 for more details.

  1. Medical Bankruptcy for single mothers

Municipal agencies offer financial bankruptcy services to help low-income families who pay their medical bills. Single mothers who do not have the financial means to cover their medical bills must apply to see whether they become eligible for help.

Eligibility criteria for the medical bankruptcy

You must belong to a low-income background and have some medical bankruptcy issues to become eligible for medical bankruptcy assistance.

How to apply for medical bankruptcy?

You may visit https://bankruptcy.laws.com/ , submit the paperwork to apply for medical bankruptcy assistance, or even visit the local office address to apply for the medical bankruptcy program.

  1. Debt Consolidation

When you consolidate your debts, it entails that includes all of your loans into a single balance to make repayment manageable. Restructuring debt may also assist you in lowering your interest rates, making it simple to pay off your debt. You may also choose between an unsecured and secured loan. Secured loans are safe due to the properties, such as your vehicle or house. Unsecured loans depend on your credit history and are not safe by your assets.

Eligibility Criteria for the Debt Consolidation

To become eligible for debt consolidation, you must belong to a low-income background.

How to apply for debt consolidation?

You may visit https://www.lendingtree.com , submit the paperwork, and apply for debt consolidation. You may call on 800-813-4620 for more details on debt consolidation.

  1. Bankruptcy Counseling & Education for Single Mothers

GreenPath is a non-profit agency that offers free bankruptcy and debt therapy. Single mothers who need help to repay and manage their debts. They may assist you in considering whether or not you have to apply for bankruptcy to resolve your debt problems.

Eligibility criteria for bankruptcy education and counseling

You must belong to a low-income background to become eligible for bankruptcy counseling and education.

How to apply for bankruptcy counseling and education?

You can call on 800-550-1961 for more details or visit the website https://www.greenpath.com/

Conclusion

There are options for single mothers to pay off their debts and manage them. Single mothers get bankruptcy assistance to repay their loans and come out of the financial crises. Through the single mother’s bankruptcy assistance, they can lead a smooth life and get some stability in life.

FAQ’s

What is the success rate of Chapter 7?

Given that more than 99 percent of Chapter 7 bankruptcy cases are discharged, your bankruptcy case will be a success so long as you follow the rules and do not commit fraud.

Will Chapter 13 improve my credit?

Depending on restored timely payments to creditors and an improved debt-to-income ratio, 65 percent of credit score elements are improved through filing Chapter 13 bankruptcy.

Why is Chapter 13 good?

Chapter 13 of the Bankruptcy Code offers the debt adjustment of an individual with income. Chapter 13 helps a debtor to pay debts with time and keep the property, that is, three to five years.

Why is Chapter 7 so important?

Chapter 7 bankruptcy is a legal method that helps you to erase several debts that, include medical debt, credit card debt, payday loans, student loans, and car loans. Specialist report that more than 39 million Americans have filed for bankruptcy.

Do single mothers get welfare in the USA?

The government provides a number of financial programs for low-income single mothers to assist them in paying for things such as housing, food, and child care: HHS (Health and Human Services) Department of the United States: Temporary Assistance for Needy Families provides food help and temporary cash for low-income and single mothers.

What state helps single moms the most?

California is the top state to raise a family as a single mother. The state completes with the highest workstation protection score, provides eight weeks of paid family leave a year, and more than 40 hours a year of unpaid time to attend school activities.

What are the two direct costs of bankruptcy?

Direct costs are accountant fees, lawyers, other professional charges, and the value of the managerial time spent to administer the bankruptcy. Indirect costs are lost profits, lost sales, and the possibility of the inability of the company to get securities or credit except under onerous terms.

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