157 - Rebuilding After Divorce: A Financial Guide for Single Moms

DebtMatters Podcast

In this episode of the Debt Matters Podcast, host Wayne Kay speaks with Derek Chase from Chase & Associates Licensed Insolvency Trustee about the financial challenges single moms face after a divorce. Learn the steps single parents can take to rebuild their stability.

Key Topics Covered:

1. The financial impact of divorce: Divorce affects up to 40% of marriages and causes money struggles, especially for single moms.
2. The connection between marriage and finances: Relationship changes, including divorce, are one of the leading causes of financial insolvency.
3. Seeking advice: Professionals like accountants, investment advisors, or a Licensed Insolvency Trustee provide helpful financial assistance for single moms. They also provide debt relief for couples you divorce with debt.
4. Initial steps for newly single parents: Learn how to take stock of your assets and liabilities and better understand your financial situation. There are even single mom grants you can take advantage of.
5. Creating individual accounts: Open a new bank account at a different institution so you have control and protection over your finances.
6. Establishing credit: Establish your own credit and avoid liabilities tied to your former spouse.

If you are a single mom, tune in for actionable insights on how to regain financial stability post-divorce.

Additional Resources

• Chase & Associates Licensed Insolvency Trustee
• Debt and Divorce: A Common Cause of Bankruptcy
• Debt and Dating