College Students Account for Almost 20% of Bankruptcy Filings

A recent study concluded that 19% of bankruptcy filers are college students. While this may be initially surprising to some, it’s both a sign of our troubled economy and an increased awareness of bankruptcy as a legitimate means of debt relief.

Let’s face it; if you’re a college student, you have 2 things on your mind: passing your classes and having a good time. While you know you have to pay tuitions, etc. financial worries don’t help you with either of those things, and it’s easy to let things slide until you’re forced to find a way to settle your financial affairs.

Then again, the situation may be entirely different. Maybe you’re attending school on a student loan and you’ve been unable to make your payments because living expenses are too high. Perhaps your scholarship or grant funds didn’t go as far as you thought they would and now you’re unable to make ends meet. Working your way though school isn’t an easy thing to accomplish in this day and age, either. If you’re carrying a full class load, even a part-time job may not leave you enough time for studies, much less any kind of after-hours life.

It’s not always tuition costs that cause financial distress financial distress. In fact, a recent study shows that the average college student with a credit card will build $1,500 in card debt over the school year. Bankruptcy may be a viable option. On the other hand, it’s important to realize that educational debts are now much harder – though not impossible – to discharge and since those debts tend to be the largest that a student has, relief may not be easily accomplish. It’s crucial for any individual, especially a college student to find an attorney who will take the time to find the best possible solution for his or her monetary problems.

Bear in mind that one of the most critical factors in the financial recovery formula is timing. Some of the options available may depend on setting them in motion before the situation gets too far out of hand. That means it’s in your best interest to seek help before the creditors are knocking on your door. Waiting too long may limit your alternatives and in the case of a bankruptcy, may make it more difficult to see positive results.

If you are, or know a college student who is having trouble staying ahead on the bills, contact accomplished SAN DIEGO BANKRUPTCY LAWYER Jeff Larkin. To seek advice from CARLSBAD BANKRUPTCY ATTORNEY Jeffrey Larkin, call 877.25.NEW.HOPE for a free consultation today or visit his BANKRUPTCY ATTORNEY FIRM IN CARLSBAD CA Google+ Local page.

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By Jeffrey Larkin