Bankruptcy Reform’s Hardest Hit: Women?

According to The Christian Science Monitor, the new draconian bankruptcy reform bill passed by Congress is likely to hit one segment of the population especially hard: women.

“Make no mistake, the new bankruptcy bill will fall hardest on women,” says Elizabeth Warren, a professor at Harvard Law School and coauthor of “All Your Worth: The Ultimate Lifetime Money Plan.”



Even without the reform, more than 1 million women will find themselves in bankruptcy court this year, outnumbering men by about 150,000, if past trends hold, says Jill Miller, chief executive officer of Women Work! in Washington, D.C.



Women with children, Professor Warren explains, are more vulnerable than ever before. “They’re spending more on the basics, so they have less flexibility in their budgets if something goes wrong. Single women early in their career tend to have lower income and higher expenses. That puts them at risk. Older women often have much less built up in retirement funds and are counting on home and cash assets that won’t be protected in bankruptcy.”



Single mothers, who often work in low-wage jobs, are 50 percent more likely to file for bankruptcy than married parents, and three times more likely than childless couples, says Ms. Miller.

Oh, well. Their lobby in Washington just wasn’t as strong as the credit cards’….