CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

Avoiding Bankruptcy as a Millennial

The generation of people born from approximately 1980 to 2000 are in the process of graduating from high school, entering college, and moving into the job market. The “millennial” generation have grown up and are ready to face the typical challenges of young adulthood that lay ahead. Unfortunately for many, financial burdens are already extreme by the time they graduate from college and even with a decent job, they might be unable to meet their financial obligations.

If you are a millennial or the parent of a millennial, what should you know if bankruptcy appears to be on the horizon?

Bankruptcy on the Rise in Early Adulthood

First and foremost, understand you are not alone. Bankruptcy is increasingly common for people in their 20s and 30s. Whereas it might have been seen as something used by people in midlife to deal with unexpected job losses or medical bills, bankruptcy has become more popular for those just out of college and entering the job market.

There are several reasons for this. College costs are higher than ever and many are burdened with debt immediately after graduating. Credit card use among young adults is also more common now than it was a generation or so ago. Though efforts have been made to curb credit card companies from soliciting to college students on campus, young adults still face numerous temptations when it comes to getting “easy money.”

Making matters even worse, many college graduates find there is no high-paying job waiting for them immediately after graduation. A couple generations ago, graduating from college all but guaranteed a secure job, but nowadays, a college degree might not be viewed as anything more valuable than a high school diploma. Both require hard work and dedication, but they are common and do little to help you stand out from a large pool of job applicants.

For more information on college debt and millennials, check out this article from Forbes.

What Millennials Can Do to Improve their Financial Situation

So what should you do if the challenges of early adulthood have led you down a path of debt?

Begin by enrolling in pre-bankruptcy counseling. This is required before you can file and might help you find another option that is better for you. A debt management plan includes a personal budget that can help you understand your finances and make decisions about your future. There might also be ways to reduce interest on loans or defer payments until you are in a better situation financially.

A budget can also help you make smarter choices so your situation does not worsen. Using credit cards to make ends meet might seem like a viable solution, but as the months roll by, your situation is actually getting worse. If possible, stop using your credit cards and focus on paying down their balances. It might be difficult to curb spending, but in the long run you’ll be happy you did.

If you are a young adult struggling to make ends meet, or student loans and other debts seem overwhelming, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation to discuss your situation.

Tampa Bankruptcy Law Blog

3 Reasons Why Bankruptcy Cases Get Dismissed and What This Means for You

Bankruptcy Case Dismissed There are two possible outcomes for those filing for bankruptcy. It doesn’t matter if you qualify for...
Read More

Who Files for Bankruptcy?

Should I File for Bankruptcy? If you’re considering bankruptcy and you feel as if you’re the only person in the...
Read More

3 Reasons Your Student Loan Debt is Ruining Your Financial Future and How Bankruptcy Might Help

Student Loan Debt Taking out a loan or multiple loans to attend college is nothing new. Students have been using...
Read More

What Happens If You Miss Your 341 Meeting?

341 Meetings are One of the Most Important Obligations in Bankruptcy There are several requirements you must meet when you...
Read More

3 Things to Help You with Post Bankruptcy Credit Repair

Bankruptcy Credit Repair One of the biggest challenges you’ll have post-bankruptcy is getting credit extended to you. But for most...
Read More

What is the Real Reason People are Filing for Bankruptcy?

Can filing for bankruptcy help you with unpaid medical bills? One of the most common misconceptions about bankruptcy is that...
Read More

What You Need to Know about Bankruptcy Court

Bankruptcy Court Bankruptcy is a process that many people find intimidating. In part, this is because they must turn their...
Read More

What to Expect from Bankruptcy Counseling

Bankruptcy Counseling Filing for bankruptcy is not an easy decision. For many, it’s their only option for getting the debt...
Read More

Why Hiring a Bankruptcy Attorney is Worth the $ [Infographic]

Everyone who files for bankruptcy must complete a bankruptcy petition. It can be up to 40 pages and filled with...
Read More

What Really Happens When You Declare Bankruptcy?

How to Declare Bankruptcy Bankruptcy is a last resort for many who file. After attempting to clean up a messy...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy

Bankruptcy Book

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

Pay OnlineBankruptcy Courses

National Association Of Consumer Advocates Logocomodoavvo1avvo2avvo3LEA
BBB LogoRG Seal

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


Tampa Bankruptcy Lawyers Map

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





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.