Am I Too Young to File for Bankruptcy?
What is the right age to file for bankruptcy? Is it thirty years old? Forty years old? Sixty years old? Many people think that most of the people who file for bankruptcy are a certain age. While it is not the majority of people, there is an increasing number of people in their twenties that are filing for bankruptcy. You might be thinking to yourself that only people who have spent their time being financially irresponsible file for bankruptcy, but the reality is many people file for bankruptcy because of unforeseen events such as medical, loss of employment, or divorce. Being a certain age should not be the qualifier for determining whether or not you should file for bankruptcy.
So, the question remains then, when should I file for bankruptcy? Nikolaus & Hohenadel, LLP is a law firm that can help you figure this out. Working with a bankruptcy attorney from our firm based in and around Lancaster, PA can make all the difference.
There are some common misconceptions about bankruptcy that an experienced lawyer can help clear up. A lawyer from our firm can help you understand if you qualify. Bankruptcy has many prerequisites and conditions that must be met. If you enlist the help of a bankruptcy attorney, they can assist in evaluating your debt, your income and what that might mean for your particular situation. In some cases, you might not be eligible to file for bankruptcy. The knowledge that comes from a bankruptcy lawyer from our firm can then guide you in what your best options are.
So, now that we know there is no correct age to file for bankruptcy, what is the next step? Logically it would be to ask yourself, “Should I even file for bankruptcy?” It is very important to know that there are some long lasting and potentially negative aspects of filing for bankruptcy. Our team is ready to ensure that you are well informed at all times and have as much knowledge as possible before making decisions with regard to bankruptcy. If you find yourself suffering from monetary problems, bad credit or financial strain that you can’t seem to get away from, we can help advise you as to whether or not bankruptcy is right for you. Bankruptcy is a chance to wipe the slate clean and have a fresh financial start. Some might say that being young might even be advantageous when filing for bankruptcy. If you file in your mid-twenties, the negative impact that bankruptcy has made on your credit should be gone by your early to mid-thirties. There are several pros and cons to filing for bankruptcy, regardless of your age. We have a great infographic that lists these pros and cons in a blog post from a few months ago. Give it a look to get some general knowledge about bankruptcy.
The short answer to whether or not you are too young to file for bankruptcy is no. That being said, the long answer is, should you? Depending on your debt and income, your credit score and other variables, the best move might be to file for bankruptcy. Hiring the knowledgeable team at Nikolaus & Hohenadel, LLP Attorneys at Law will aid you in figuring out what the best course of action is.
Make sure to contact us here to set up an appointment as soon as possible to speak with a lawyer who can direct you to the best possible outcome.