Is there currently a mancession? How about a shecovery? How can this be a good thing?

workmen 2There has been a lot of talk since the recession started as to whether the economic downturn has hit men harder than women thus creating womana “mancession”.  Even Wikipedia states that unemployment for men has been 10% while unemployment for women was only 8%.  There are even articles about a “shecovery” which occurs when areas of the economy that are dominated by women recover and male dominated areas don’t.

The recession hit areas harder that employed men in greater numbers than women.  Construction and manufacturing were all hurt badly in the recession and more men than women were employed in these areas.  Men were therefore impacted more greatly in the economic downturn.

As one online article in Nation magazine points out women make up already half of the workforce in America today which is up from 30% in the 1940s.  Women also have more jobs than men in areas like retail sales and healthcare and they have half of the middle management jobs according to the article.  I would also add to this list areas like education and the media where women outnumber men.  And these areas tend to either be growing or not shrinking as fast as male dominated areas of the economy.

We already know that women outnumber men in colleges these days by almost 60% to 40%.  They have also caught up in graduate schools as now women are graduating in numbers for the most part equal to men in medical and law schools.  These schools are pushing these grads out into the job market every year.  So women are also getting the degrees which will help them land the good paying jobs in the future.

Many of these articles are written by women and they describe this situation as women “winning” some kind of job struggle.  Some even say that women are just more suited to the modern economy.  A new book is even entitled “The end of Men”.  Does anyone see a problem with this besides me?  Men being cast off as outmoded, outdated, no longer useful to society.  Is anyone concerned with where they will go and what they will do?  It is indeed disturbing.

We have always been concerned in the past about some group that is disadvantaged, falling, behind, or left out.  We have always seen the danger and unfairness in this and we have always in the past made some attempt to address it for the good of everyone.  Now with half of society being looked upon as at least falling behind (and at worst defunct) we do nothing.

Do we believe that men somehow deserve a mancession?  Is is payback for some past crimes?  I say what about the future?  There is a whole new generation of men that must find their way.  I have seen the men in my office that have lost their jobs years ago and still can’t find something even close to what they used to do if they can find something at all.  They then must face foreclosure, eviction and all the serious financial problems of having little or no income.

As a bankruptcy attorney I want to say to the men that if they are still unemployed or underemployed and they have debts they cannot pay then they should look at bankruptcy as an option to get out of the debt.  They can then begin to rebuild their lives with out the debt burden often incurred prior to this recession when things were better.

But we are all in this thing together and if men are falling behind and if their is indeed less and less need for them in the future it is a problem for everyone.  The Nation article asks if women are “really victors” in the new economy.   I am reminded here of a line from the movie “The War of the Roses” where Danny DeVito’s character tells Michael Douglas’ character that “there is no winning only degrees of losing”.  We are all in the same boat in society and when men lose we all lose.

I am a San Diego bankruptcy attorney.  For further questions please visit my website at www.farquharlaw.com.  Or call my office for a free consultation or for any other advice about bankruptcy or debt at (619) 702-5015. Call now for free credit report and analysis!

For a free e-book on “13 things to do to prepare for your bankruptcy filing” please e-mail me at farquharesq@yahoo.com.

Men photo courtesy of Roger Blackwell.  “I won” photo courtesy of Search Engine People Blog.

Is filing for bankruptcy the “responsible” thing to do?

(See my blog about bankruptcy and the bible).

I would argue that yes it usually is not just smart to file for bankruptcy if your debts have gone beyond your ability to pay but that it is also the responsible thing to do.  That is because bankruptcy gives you and you creditors finality and it puts you on the road to good credit as you can now re-build our credit score and become a more productive person.

Many people ask me this question about responsiblity because they seem to think that filing bankruptcy and discharging your debts is somehow not honoring their promise to pay for the debts that they have incurred.  They feel that they are being irresponsible and dishonorable.

I remind them that debts have a creeping quality that can slowly accumulate and take over all of your available resources until there is nothing left to pay your ongoing bills.  This can happen insidiously without your noticing and with out you intending for it to happen.  It is just a miscalculation on your part but one that can lead to disaster if left unchecked.

Also it is true that your financial situation can change where you income is cut by a job loss or just a loss of hours at work.  There can be divorce, sickness, a new baby, an accident or a business downturn or any of a whole host of reasons why you cannot honor your debts like you originally intended.  These intervening circumstances can cause your financial situation to become critical in a hurry like a nuclear meltdown.  One day you find that you can’t afford to buy groceries but the phone is ringing fifty times a day from some collection agent who is trying to get you to promise to pay money that you don’t have.  It’s not responsible to let this situation continue.

So it is not irresponsibility that usually leads a person to need a bankruptcy.  It is just the facts of life with its ups and downs and twists and turns.   It is also true that we are human and therefore inherently imperfect.  We make mistakes all the time.  We can’t predict the future but we are naturally optimistic about it.  We always expect things to turn out well but that expectation is not always realistic.  When things don’t turn out well some may need bankruptcy.

Now I would argue that if your finances get far out of hand and your ability to pay your debts is not there then it is time to throw in the towel and do the responsible thing.  Admit that you were wrong.  I have done it personally many times in my life.  Once you admit that then you can notify your creditors that you are choosing the legal, moral, right, and responsible thing which is filing bankruptcy.  You are notifying them that you will not be paying their debts back.  The creditors will go away and stop bothering you for debts you cannot pay and they will move on to someone else and use your bad debt as a tax write-off.

Now you can re-build your credit score.  With that you can once again get financed to so you can buy things like a car and a house if you choose to.  Your score will be better on average three years after bankruptcy and a fresh start than if you choose to try to pay those old debts back because on average most people will fail to do so.

So do the responsible thing.  File bankruptcy.

I am a bankruptcy attorney practicing bankruptcy law in San Diego, CA.  Please visit my websites for further information on bankruptcy at www.farquharlaw.com or www.freshstartsandiego.com.  Or call my office to speak to me about any bankruptcy issue for free at (619) 702-5015.

For a free e-book: “13 THINGS YOU SHOULD DO TO PREPARE FOR YOUR BANKRUPTCY FILING” please send a request by e-mail to: farquharesq@yahoo.com.