If you’re considering filing for bankruptcy in your 20s, you may have a lot of concerns:

Will it ruin your credit?

Will it affect your partner or family?

Will it follow you around?

As a Memphis bankruptcy lawyer, I’ve helped thousands of people improve their lives through bankruptcy, including people in their twenties. And I can help you navigate this process from the very first step.

Will Filing for Bankruptcy in Your 20s Bankruptcy Ruin Your Credit?

This question assumes you already have great credit, but if you’re considering bankruptcy, you probably don’t. So instead of worrying about keeping your credit at the bad score you have now, think about how to improve it.

Bankruptcy offers a clean slate so that you can rebuild. So while it does show up on your credit report for a time, many people find they can actually improve their score more once they get the financial freedom to make the right choices.

My firm offers a free credit improvement course to every single client. It helps you improve your credit to an A rating within one year, even after a bankruptcy. And we have a free report called “Life After Bankruptcy” to help you make smart choices once you file.

So if you’re worried about your credit, just remember that with the right attorney on your side you can end up in better shape than you started.

Will Filing for Bankruptcy in Your 20s Affect Your Partner or Family?

Bankruptcy only seriously impacts your partner or family if they’ve co-signed on your debt. In those cases, they may be responsible for the debt when you can’t pay it, but that would be true whether you filed bankruptcy or not.

If you do have joint debt, it’s best to talk that over with an attorney. You may be able to protect a co-signer by filing for Chapter 13.

That said, many people file bankruptcy without their families ever even knowing. Bankruptcy is public record, but you really have to search to find any information about it. Unless you share debts, family members won’t get a notice or need to be involved in any way.

Will Filing for Bankruptcy in Your 20s Follow You Around?

This might be the biggest question people have in their twenties. They worry bankruptcy will ruin their chances to build a better life. But actually, it does the opposite. It frees you up to live a more empowered life.

If you’re afraid bankruptcy will impact your future, just think of what years (even decades) of unpaid debt can do. It can hold people back from saving for retirement, sending their kids to college, starting a business – and that’s not even considering how much more you’ll pay in interest and fees. And it can impact your credit for years and years, with no sign of relief.

Bankruptcy will stay on your credit for a few years, but in the meantime you can improve your credit (see above) and still do just about everything you could do before. Once your case closes, you can buy a house or car, rent an apartment, and get a credit card. Our clients have gone on to get great jobs and never look back.

I’ve helped so many people rebuild after bankruptcy, and each time I heard similar questions and fears. So I wrote a free report called “Life After Bankruptcy” that you can get today to help you understand exactly what happens after you file.

Help in Hard Times

I know the decision to file bankruptcy isn’t easy at any age, but the process can be simple and effective. It can absolutely change your life and set you up for success down the road.

If you have questions or want to know more, I’m happy to help. I’ve stood by the side of thousands of people who found themselves with debt they couldn’t pay. And I’ve seen them turn their lives around.

You can do it, too. Just give me a call or contact me online today to get started.