CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Am I Too Young to File for Bankruptcy?

Too Young For Bankruptcy Tampa, St Petersburg, And Pasco Florida.There’s a common misconception that the majority of people who file for bankruptcy are of a certain age. Some people assume those who file have spent years being irresponsible with credit cards and have purchased vehicles and homes and a variety of unnecessary items in an effort to “keep up with the Joneses,” and once they are in over their heads the only way out is bankruptcy.

Though this can be the case, it’s far from the only reason people file for bankruptcy. Older people and senior citizens file for a variety of reasons, many of which stem from healthcare or falling victim to scams. And younger people file, too. In their case, it is often a matter of student loan debt and being forced to deal with a struggling job market.

These days, more people than ever before are filing for bankruptcy and in many cases, those filing are young people with a college education. Many recent grads have crippling credit card debt and student loans so high they have no hope of ever paying them off.

For many in the “millennial generation,” bankruptcy is the new normal.

As devastating as it is to consider an adult life that begins with bankruptcy if you find you need to file you aren’t alone. The good news is as long as you are 18 years old, you are legally eligible to use bankruptcy to help ease your financial burdens.  In some cases people younger than 18 years old can file with court approval.

Do I Qualify for Bankruptcy?

Keep in mind, just because you are legally old enough to file for bankruptcy doesn’t mean you automatically qualify. Bankruptcy has a number of stipulations and requirements, and whether or not you’re able to use bankruptcy rests in the hands of the court system.

A bankruptcy attorney can evaluate your debt and your income and help you determine if you are eligible for bankruptcy. If you aren’t eligible or you have other better options, an attorney will be able to explain those, too.

Should I File for Bankruptcy?

So let’s say you’re old enough to file, you have substantial debt, and your bankruptcy will be approved by the court.

Should you file?

First, it’s important to understand there are a few negative aspects of bankruptcy. It may put a strain on your credit for a few years.   This means that for a few years  it’ll be a challenge to obtain a mortgage, get a loan for a car, borrow start-up business capital, and do a variety of other things that require a decent credit score.

On the other hand, if your financial problems are bad enough, your credit score is likely already suffering. Bankruptcy can help you wipe the slate clean and get a handle on things. It’s all a matter of how bad your current situation is or is not.

To learn more about how bankruptcy affects your credit, check out this timeline from Bankrate.com.

The other good thing about filing for bankruptcy when you’re young is that you’ll have plenty of time to recover. If you’re forced into bankruptcy because of student loan debt a few years after graduating from college, the bankruptcy will have fallen off your credit score by your mid-30s. And for many, this is just in time to begin putting down roots, getting married, buying a home, and starting a family.

How do you know if you’re too young for bankruptcy? The only way to really understand is to speak to someone who understands the pros and cons of filing.

For more information or to schedule a consultation to discuss your situation, contact the Law Office of Robert M. Geller at 813.254.5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Tips for Overcoming the Negative Emotions of Bankruptcy: How Can an Attorney Help Me with My Finances?

As advantageous as bankruptcy is when you are struggling financially, it’s still a stressful experience. Some people have a tough...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions