Debt can feel like a heavyweight, especially when you’re just starting your adult life. Whether it’s the aftermath of college, the onset of family life or the pursuit of a home, debt doesn’t discriminate, and sometimes, it hits hard and fast.
Debt: A Common Thread Among Young Adults
It is no secret that young people are navigating a sea of financial challenges today. People in their 20s and 30s are often living independently and seeing their responsibilities ramp up, from starting a family to buying a home. Thus, many young adults carry debt related to:
- Student loans
- Credit card debt
- Car loan
- Mortgage
- Lower Earnings in entry-level jobs
Facing any combination of these can be daunting, and statistics show that people between 25 and 40 have an average of $27,251 in non-mortgage debt. In other words, you are not alone if you are overwhelmed by mounting debt.
Should I consider bankruptcy?
The word ‘bankruptcy’ may sound like a storm cloud looming overhead, but it can actually be a silver lining. Here are a few reasons why you may not want to write off this option immediately:
- A clean slate: It can discharge certain debts entirely.
- Automatic stay: Say goodbye to harassing calls from creditors.
- Financial education: You’ll come out more informed about managing your finances.
- Rebuilding credit: It’s a myth that bankruptcy ruins your credit forever. You can start rebuilding immediately.
For these and other reasons, bankruptcy may be a debt relief option worth considering. To better understand the process and your options, you can talk to an attorney who can help you evaluate your options, tackle the legal requirements and paperwork and give you insights into other debt relief solutions that might fit your situation better.
You’re not in this alone
Remember, financial hiccups don’t define you. You’re young, and a supportive community and professional assistance can help you turn the page. Bankruptcy, should it be your path, is merely a chapter, not the whole story.
Whether you file for bankruptcy or explore other debt relief solutions, the most important thing is to take action. By doing so, you can make informed decisions that can set you on the right track for the years to come.