Bankruptcy is for all ages. It’s never too early or too late for a fresh start. And with skyrocketing education debt, a tough job market, and rising housing markets, our Memphis bankruptcy lawyers are seeing more and more young people turn to bankruptcy.
If done correctly, bankruptcy can set you up for a much better financial future. However, filing is never an easy decision to make, and it can feel overwhelming, so I’ve put together some quick tips and FAQs for millennials in particular, to guide anyone exploring bankruptcy.
Do my parents have to know — and how will it affect them?
As we all know, early adulthood can be a tough age, and parents are often still involved in finances. Problems, including debt itself, rarely get better with time. So while admitting financial trouble might make you feel ashamed, it’s a good idea to tell your parents about bankruptcy before you start the process. If they are still involved in your finances in some way, it’s important to explain which bankruptcy you have chosen and how it will affect them — if at all.
Generally speaking, when a young adult files for bankruptcy, it doesn’t affect his or her parents directly. In most cases, it does not appear on their credit history or other financial records.
Will bankruptcy cover my student loans?
Student loan debt can’t be discharged, or completely wiped away, through a bankruptcy. However, you can discharge credit card debts and some other loans in a Chapter 7, or make those payments more manageable in a Chapter 13. And I’ve seen many times that simply making those other debts easier to manage allows you to get up to date with student loan payments.
Keep an eye on your future, and plan ahead for life after bankruptcy.
Unlike older Americans filing, life after bankruptcy looks very different for young people. You have a whole life ahead of you to enjoy your freedom from debt. Our Memphis bankruptcy lawyers stand with our clients all throughout the process, to help them prepare for life afterwards. We offer a free report on life after bankruptcy to help you get started.
Connect With Memphis Bankruptcy Lawyers Experienced in Working With 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.