Bankruptcy is a legal procedure for eliminating debts and granting people a fresh financial start. But I have noticed different age groups view bankruptcy differently, and the effects of bankruptcy can differ depending on your stage in life.
I will thus be posting three separate blog posts that discuss what I have observed over the years are factors and concerns of different age groups filing bankruptcy.
People under thirty are basically starting out in life and can, because of health problems, employment problems, or the costs of a young family, be overwhelmed with debt and a loss of hope, even at an early age. Young people leaving school are also sometimes overwhelmed by student loan debt as well.
While student loans cannot generally be cancelled, other debts can, and many young clients see chapter 7 bankruptcy as an excellent life planning tool to shed an unmanageable burden to begin life anew without looking forward with a crushing debt load that they will never be able to pay.
Thus, if your job just does not produce enough income to service your debt, and the interest is building, and the defaults are starting, bankruptcy can be an excellent option to fix the problem early by eliminating your debt, and starting over with a lifestyle you can afford.
