5 Tips for Filing Bankruptcy When You’re Still Young

It may feel lonely and a little upsetting to consider filing bankruptcy when you’re still young. And yet with rising education costs, a difficult job market, and skyrocketing housing markets, bankruptcy has become a common tool for young people. So I’ve put together some tips on bankruptcy for millennials who might be afraid of the process.

Fortunately, if you do it right, bankruptcy can set you up for a much better financial future. In fact, you can come out of bankruptcy in better shape than when you went in. Here’s how.

5 Things I Advise Young People Considering Bankruptcy:

1. Find the right lawyer.
Get an attorney you trust. Most bankruptcy attorneys offer a free consultation. Use that time to ask specific questions:

  • Who can I contact when I have concerns?
  • Have you dealt with cases like mine before?
  • What will my specific case really cost?
  • Do you help people like me rebuild after a bankruptcy?

Watch out for overly sales-pitchy answers. For example, they might quote you a short, simple fee without even hearing about your case. That can mean they’re hiding their real fees and will charge you more if you need any extra help.

2. Be good to the courts.
Any court deserves respect, and bankruptcy judges appreciate your kindness. It’s easy to feel nervous about a bankruptcy, but just remember the courts are there to help you. This is a tool designed to make your life easier. A lot of people forget that because of nerves.

3. Plan for life after bankruptcy.
Life after bankruptcy for millennials looks different than for older Americans. You have years ahead of you to rebuild and enjoy your freedom from debt. Find an attorney who cares about your financial future and wants to help you. Our Memphis bankruptcy lawyers offer a free report on life after bankruptcy to get you started.

4. Get help with your credit.
Bankruptcy can hit your credit hard. But if you’re considering filing, you probably have bad credit already. Fortunately, it doesn’t have to stay that way. Our firm offers our clients a free program to help you improve your score to a 720 (an A rating) within one year, even after a bankruptcy. It takes work, but getting this step right could make a huge impact on your life.

5. Learn from the experience.
Something got you where you are today. You can prevent so much more future pain if you learn from your mistakes now and put new plans in place. Our attorneys would be happy to talk with you about how to get started.

Memphis Attorney Experienced in Bankruptcy for Millennials

Our Memphis bankruptcy attorneys offer a free consultation, no strings attached. We’ve helped thousands of people get out of debt. And we’ll offer every resource we can to help you do the same, so you can rebuild and get the future you’ve dreamed of.

If you’d like to talk about this process, contact me today. We look forward to speaking with you.