Irresponsible choices at age 18 can have serious repercussions. Many young people get excited about being able to acquire their first credit card at this age. This excitement can quickly turn into irresponsible spending that lands the individual deeply in debt. Since they are legally an adult, the young person can not hold their parents financially responsible and must cope with their financial mistakes themselves. This may mean resorting to seeking bankruptcy.
Before a young person chooses to file for bankruptcy, it is important that they speak to an attorney about their options involving paying off their debt. Debt consolidation is an excellent alternative to bankruptcy that may lead to them quickly recovering as well as avoiding a dark mark on the credit history. They can negotiate lower interest rates and can come up with a reasonable monthly payment amount through which they can slowly pay off the money owed.
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Many people will spend years making poor financial decisions that lead them to the point of filing for bankruptcy. However, young people may make the following poor choices when managing their finances, leading to unmanageable debt:
Failure to establish steady income Opening credit cards at young age Obtaining multiple credit cards with high balances Irresponsible spending
Even though bankruptcy may be the last resort for someone in their mid-twenties, young people may find that there are many advantages to Chapter 7 or Chapter 13 bankruptcy. It takes many years for a credit score to recover from bankruptcy. However, if a young person files for bankruptcy while still young, they may also be able to make a full financial recovery by their thirties.
For more information about filing for bankruptcy at a young age, visit the website of the Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC.
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