New Generation Filing For Bankruptcy

Last updated 7 months ago

There has been in shift in the recent years to a new generation filing for bankruptcy. Bankruptcy filings for 18-25 year olds were at an all time high in 2000, and it shows no signs of slowing down. The number of young adults running into financial trouble has increased from the growing amount of credit card debt, and poor financial education. Due to those issues this is the fastest growing age range for claiming bankruptcy. In 2001 more young adults ages 18-25 filed bankruptcy than graduated from college, according to California State Fullerton Financial Literacy.

Credit card debt is a strong contributor to the younger generations going into bankruptcy. Many young students are away from home at college, and for the first time are in charge of their finances. With a limited amount of experience balancing a bank account and understanding how credit and interest works students find themselves in a situation of not being able to pay off their debts quickly. The increase in the younger generation filing for bankruptcy has been topic of several news articles including a piece that ran in The New York Times about why people under the age of 25 are filing for bankruptcy.

Are you 18-25 and wondering if you should be thinking of filing for bankruptcy? You are not alone in this question. Do you need an experienced attorney to help you with your bankruptcy claim? Call the professionals at Pinkston & Pinkston, P.A. at (888) 592-0158 to schedule consultation today!