Filing for Bankruptcy as a Student
Although the average age of someone filing for bankruptcy is 38, financial difficulties and large amount of debt can affect anyone of any age depending on the circumstances. Millions of teenagers across the country head off to college every year to get an education that will hopefully lead them to getting their dream job. Unfortunately, college is usually very expensive, causing a number of students to graduate college with large amounts of debt. Coupled with the new stress of supporting oneself or even credit card debt, you may be sinking in a seemingly endless amount of debt.
Whether you are 38 or 21, bankruptcy may be a very effective way for you to eliminate or reduce your debt so you can move on with your life. For more information about your legal options for getting out of debt through bankruptcy, schedule a free consultation with a Raleigh bankruptcy lawyer at the Bradford Law Offices by calling 919-758-8879.
Bankruptcy for Students
One concern about students filing for bankruptcy is the notion that bankruptcy will eliminate student loan debt. This is a false belief, as bankruptcy does not allow for student loans to be discharged. However, by filing Chapter 7 bankruptcy, one can discharge a number of large debts, such as credit card bills or debt from medical bills.
Discharging the above mentioned debts will allow one to focus his or her finances on paying off student loans. Students or recent graduates should also consider the benefits of bankruptcy in that low-wage workers are allowed to exempt more of his or her paycheck when filing for bankruptcy, a crucial detail for college students just entering the workforce.
For more information about filing for bankruptcy as a student, contact the Raleigh bankruptcy attorneys of the Bradford Law Offices at 919-758-8879 and learn about your options for financial relief.