Many people assume that those who file for bankruptcy are all middle-aged or older. While many older people do file for bankruptcy, just as many young people do as well. Student loan debt and high credit card debt often contribute to millennials (and even some Gen Zs) investigating this route.
We’ve put together some legal advice to help you decide whether bankruptcy is a good choice for you and to explain how the decision can affect your future.
Am I Too Young to File for Bankruptcy?
Technically, anyone over the age of 18 is legally entitled to file for bankruptcy. However, not everyone qualifies for this approach. Bankruptcy only applies to individuals who meet specific financial criteria.
For example, to qualify for chapter 7 bankruptcy you must have an average monthly income that’s less than the median income in your state. In many cases, you must also attend a credit counseling course before declaring bankruptcy.
Before you attempt to file for bankruptcy, speak to a qualified attorney about your financial situation. They’ll be able to assess your debt and income levels to determine if bankruptcy is the best choice for you.
How Will Bankruptcy Affect Me in the Future?
Many young people considering bankruptcy wonder how the decision will affect them as they get older. The main thing bankruptcy affects is your credit. While it’s possible to repair your credit after bankruptcy, the process can take a few years.
If you are planning to purchase a house, rent property, or start a business in the near future, you may want to reconsider filing for bankruptcy. Having bankruptcy on your financial record will greatly affect your ability to do these things.
If you’re concerned about how bankruptcy will affect your future decisions, schedule a consultation with an experienced bankruptcy attorney. They’ll walk you through your options for gaining financial freedom to help you find the option that best suits your needs.
Schedule Your Chapter 7 Consultation in Cicero
If you’re a young person considering bankruptcy, turn to the experts at Koch & Associates P.C. Attorneys at Law. Our highly-experienced attorneys will look at your case from all angles to help you decide on the best debt relief option. We’re the most trusted bankruptcy attorneys in Cicero.
Call us today at 708-656-9900 to schedule your initial case consultation.