Your 20s can be a time of great financial challenge. You may be contending with a mound of student loan debt, credit card bills, car payments, and other income drains. While declaring bankruptcy in your 20s may seem like an easy way to end the nightmare of debt, it’s not a solution. In fact, it will very likely cause you more pain than relief in the long term.
Below are five reasons why filing for bankruptcy in your 20s may not be a good idea for your financial future.
Key Takeaways
- If you find yourself unable to handle your debts, there are steps to take to get your finances in order.
- Declaring bankruptcy may not wipe out your student debts.
- A bankruptcy stays on your credit report for seven to 10 years.
