In order to make a good living in today’s society, many find that it is necessary to obtain a college degree. Unfortunately, as many in the Miami area are likely aware, the price tag attached to completing the additional schooling continues to rise, leaving graduates facing massive amounts of debt upon graduation. The debt is made up not only of school loans but credit card debt as well.
In past posts we have written about college graduates who, drowning in debt, seek to obtain financial relief by filing for bankruptcy. While, as we discussed in those posts, in most cases it is not possible to discharge student loan debt this way, other debts accumulated during the period of time an individual is in school, such as credit card debt, may be discharged. In some situations this debt could rival the amount taken in school loans.
A young woman who works as a freelance writer is all too aware of this. Because of the $20,000 she accumulated on four credit cards while in school, she found herself filing for bankruptcy at the age of 23. Making the decision to do this was not an easy one for her but one she believes made it possible for her to get a good start in her post education life. As a result of the discharge of her debt, she could afford to move to cities vital to forwarding her career.
While perhaps not the typical bankruptcy filer, the woman is definitely not the only new college graduate who is facing the dilemma. According to one statistic, 50 percent of those attending college have not just one credit card, but four. This leaves many with poor credit before they even really get a chance to get their careers started. Anyone who is in this situation may benefit from meeting with a bankruptcy lawyer.
Source: Huffington Post, “Bankrupt at 23: College grad’s financial ruin and rebound,” Feb. 11, 2013