Millennials and Bankruptcy: How to Avoid It - Frank J. LaPerch, PC

How Can Millennials Avoid Bankruptcy

Over the past decade, the generation born between 1980 and 2000 – the Millennials – have finished high school, graduated from college, and moved into the job market. Many of them are in the thick of dealing with adult responsibilities, which as most of us know, often includes managing debt.

Unfortunately, many people in this generation are facing struggles far more severe than their parents and with so many of them struggling to find jobs, these financial struggles won’t be going away any time soon.

If you are part of this generation, and you’re struggling with finances and debt, should you consider bankruptcy?

Millennials Struggle to Make Ends Meet

Though bankruptcy is not something anyone should strive for, Millennials should know they are not alone if they need to file. Debt issues are increasingly common for people in their 20s and 30s. Some of this is due to the rising cost of college and student loan debt. Earnings have also been stagnant over the last 10+ years – the first decade that saw Millennials in the workforce – but the cost of living continues to rise. Despite earning less, people are paying more just to live.

Millennials have also struggled to find high-paying jobs. There are many reasons for this, but the bottom line is even with a college education, this generation is having a difficult time finding work even when they have earned a college degree – something that was unheard of 20 or 30 years ago.

If you’d like to read more about Millennials and their struggles to find jobs, check out this this article from Forbes.

What You Can Do to Improve Your Situation before Bankruptcy is a Necessity

Though there is little you can do about the cost of living or improving the jobs outlook for your generation, there are some things you can do to protect yourself against needing to file for bankruptcy.

Start by not ignoring your situation. Too many people, Millennials and otherwise, hide from their credit and financial problems until it’s too late or has become far more complicated. Don’t allow your resistance to dealing with a problem cost you opportunities and more money than it needs to.

If you are struggling, consider enrolling in pre-bankruptcy counseling. You’ll need to do this if you decide to file, but you don’t have to file just because you enroll. Your counseling will help you develop a debt management plan and help you determine if bankruptcy is really your best option based on where you are right now.

Not only will this program help you explore your options, it can help you get back on the right track before things get too far out of hand. The sooner you take action the better off you’ll be, even if you eventually decide you need to file for bankruptcy.

If you’re a millennial and you’re struggling financially, we can help. For more information or to speak to someone about filing for bankruptcy, contact the law office of Frank J. LaPerch, PC at 845.942.5500.

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