There has long existed a significant gap between what an average man and woman makes for an equivalent job in New York. Although there certainly are other factors to consider, such as spending and borrowing habits, this wage gap has contributed to what is now seen as a “debt gap.”

Studies by financial experts indicate the debt gap is not centralized to one category but exists across the board to include student loans, credit card balances, auto loans and medical bills debt. Climbing out of debt can be difficult if income is insufficient to remain debt-free in the first place; however, the failure to do so will only exacerbate the problem. Experts suggest several strategies to right the ship.

The first step is to be realistic about income and expenditures. In other words, track actual money spent, make a budget, figure out areas to cut back on and stick to it. This may mean a change in lifestyle, but if that is not possible, it may be time to consider a way to increase money coming in. It may be possible to ask for a raise at work, volunteer for overtime hours or figure out a way to add a part-time gig for a new revenue stream.

Sometimes, however, doing all the right things is ineffective in getting out of debt. Financial challenges, a struggling economy, unexpected life changes or any other number of issues can create an untenable situation. A bankruptcy lawyer can explain how personal bankruptcy can be a viable option to eliminate or alleviate debt. Chapter 7 or Chapter 13 bankruptcy may be appropriate depending on individual circumstances.