If you’re young, one of the last things you would expect would be to have to go into bankruptcy. The reality is, though, that many younger individuals do end up going into bankruptcy for a variety of reasons.
Whether it’s because you haven’t been able to find a job in a weakened economy or you have debts that are making it hard for you to make ends meet, it’s important to note that bankruptcy is one of the options that could be open to you.
When you’re right out of college or suddenly have a loss of income that you need to pay your bills, you may find that you’re barely treading water. Sometimes, you might have to decide between paying a bill on time or eating. That doesn’t have to continue.
Debt adds up, but bankruptcy can help
It’s no secret that credit cards add up and interest rates can be sky high. If you miss payments on anything you owe, you could end up paying fees and higher interest, too.
The good news is that most unsecured debts can be discharged through bankruptcy if you qualify. You may even be able to work out different repayment plans on some debts that won’t be able to be discharged, like student loans, if you or your attorney speak to the lender about the financial difficulties you’re going through.
Our website has more information on tackling bankruptcy. Whether you’re in your 20s, 30s, 40s or beyond, you deserve an opportunity to start fresh and have a better grip on your finances.