As a TN millennial bankruptcy lawyer, I know the economic weight of the pandemic has put many millennials in serious debt. And I’m not talking about the kind of debt that can be solved by buying less lattes. Most millennial debt has nothing to do with poor life choices; it has to do with staggering student loans and an economy where well-paying jobs are few and far between.
Many young people don’t make enough money to repay their loans and are forced to rely on high-interest credit cards to pay for basics like rent and groceries. This leaves them with student loan debt and credit card debt that is accumulating interest faster than they can ever hope to pay off.
Fortunately there’s an exit strategy: filing for bankruptcy.
Bankruptcy can help any TN millennial achieve financial freedom.
If done correctly, bankruptcy can set any millennial up for a brighter financial future. But it can also seem overwhelming. This is why I’ve put together information specifically for millennials to help them make an informed decision.
Read below for answers to some of the most common questions I get about bankruptcy.
Will my student loans be covered by bankruptcy?
Bankruptcy won’t completely wipe away student loan debt. But it can clear all other dischargeable debt. Which, for many, makes paying student loans much easier to manage. I’ve seen clients get up to date, and even ahead, on their student loan payments once their other debts are no longer an issue.
Bankruptcy is a confidential process.
No one is going to call your family or your employer and tell them you filed for bankruptcy. Other than government agencies and creditors who may receive formal notification, bankruptcy is completely confidential.
Filing is more common than you think.
A lot of people worry about how their friends and family will react if they file for bankruptcy. But bankruptcy is more common than most people realize. Some studies say that at least 1 in 10 Americans has experienced bankruptcy in their lifetime.
Rather than facing bankruptcy with shame, I personally think it should be met with pride. After all, choosing bankruptcy means you are choosing to take control of your debt and build your credit back up. That is a hugely courageous act toward a successful future.
Can I file for bankruptcy if my parents are involved in my finances?
Usually when a young adult files for bankruptcy, it won’t appear on their parents’ credit history or other financial records.
However, if your parents are still involved in your finances, it’s a good idea to tell them you’re filing for bankruptcy before you start the process. Explain which bankruptcy you have chosen and how it might affect them.
You may feel nervous to talk to them about it, but remember: being in debt doesn’t mean you made poor life decisions. Debt is often a self-perpetuating cycle, and rarely gets better with time. Filing for bankruptcy means you are making a responsible choice for you and your family’s future.
After Bankruptcy, you have your whole life ahead of you.
Compared to older Americans, life after bankruptcy looks very different for millennials. Bankruptcy will not be on your record forever; it allows you to hit the reset button on your financial life so you can enjoy a debt-free future.
Our team of trusted TN millennial bankruptcy lawyers can take all the stress out of the process, and we can also help you prepare for life post-bankruptcy. To get you started, we offer a free report on life after bankruptcy.
Contact a TN millennial bankruptcy lawyer today for a FREE consultation.
If you’re a millennial struggling with debt, contact us online or call (901) 327-2100 for a FREE consultation to find out how we can help. We’ll talk through your specific situation in detail and answer any questions you might have, no strings attached.
Our TN millennial bankruptcy lawyers have helped thousands of young people achieve debt freedom. We can do the same for you. Contact us today to explore your options for a brighter tomorrow.