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Why should students consider filing bankruptcy?

On Behalf of | May 28, 2021 | Bankruptcy |

The idea of starting their adult lives with a bankruptcy on their record may not be an appealing option for many students; however, there are times when it may be beneficial to do so.

If you are a student who is having trouble making rent and covering other necessary expenses, it may be time to consider bankruptcy.

Benefits of bankruptcy

Bankruptcy exists to provide financial relief to people who are struggling to pay their debts. Student loans, credit cards, car payments and other expenses can quickly become a burden for people who are just getting started in their careers.

Filing for bankruptcy stops lawsuits, collection calls and wage garnishments. When you file for bankruptcy, you won’t have to worry about receiving disruptive and embarrassing collection calls at your first job or creditors taking money out of your paycheck. A bankruptcy filing may even improve your credit score, which will make it easier to obtain financing for purchasing your first new car or home.

Fresh start

You can eliminate most debts, including credit cards, personal loans, medical bills, civil judgments, overdue rent, business debts, utility bills and some tax debts by filing bankruptcy. This provides you with a clean slate to build a stronger financial future. Instead of spending a significant amount of your time and energy worrying about paying the bills, you can focus on your new career and building your new life.

The one downside to bankruptcy for students is that you can not usually discharge student loan debt. However, eliminating your other debts will make it easier to keep up with your student loan payments.

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