Many people think that if you’re currently enrolled in college or a school program, you’re not allowed to file for bankruptcy. Nothing could be further from the truth! Bankruptcy laws only require that you be 18 years old, a resident of the state where you are filing from for the last two years, and be capable of making the choice to file bankruptcy voluntarily. So don’t let the fact that you’re still a student stop you from filing for bankruptcy if that’s the relief you need.
In fact, college can be the best time to file a bankruptcy. Your student loans are still in deferment, so you won’t even have to worry about them in the filing itself. Also, you won’t have that high paying salary that might actually keep you from being able to file an easy Chapter 7 liquidation until after you graduate. Why hold on to those debts until you have to pay them back for at least a three year time period? File now and save yourself the trouble.
Also, don’t worry that by filing for bankruptcy you’ll never be able to get another credit card. Most people who file for Chapter 7 bankruptcy see a flood of credit card offers after they file. The credit card companies know that you wont be eligible to file another Chapter 7 for eight more years, so to them, you are a safe bet. The trick is to read the fine print on those offers. Of ten times, they’ll start off with a twenty to thirty percent interest rate. Be selective and choose one with a ten to fifteen percent rate. Use it like a debit card and pay the balance back to zero at the end of each month. In no time at all, you’ll find your credit score steadily improving.
Once your credit has improved, you can think about financing a car, or maybe even purchasing a home, and you’ll be in good shape to do so. It’s all because you filed for bankruptcy while you were in college and then practiced responsible credit behavior after you graduated. When all’s said and done, people wont need to see your diploma to know how good you are at making the right decision.
Just remember, always consult an attorney who specializes in bankruptcy law. They know all the ins and outs to get you back on your feet and on your way to a great future. Until then, keep your eyes on the prize. And if you are looking for some additional information, check out the helpful directory Ldmstudio Directory to kill some time, too.