College is supposed to be an exciting time, full of hope and promises for a bright future. For most students, the real world crashes in once the college ride is over. The job market is tougher than ever before, and even when students find an amazing job, they still have thousands of dollars of student loan debt hanging over their heads.
It’s not uncommon to spend 3 or 4 times as many years paying off student loan debt as you spend in college. With student loan debt spiraling out of control the last few years, we’re getting calls from clients who are younger and younger. If you’re struggling with debt and student loans, there are a few facts you should keep straight about bankruptcy options:
1. Credit card debt is manageable – but can be discharged in bankruptcy
You’ve heard the stories about aggressive debt collection calls – credit card companies are notoriously un-friendly about debt repayment. It’s best to avoid running up large amounts of debt while you’re in college, or shortly after graduation. If you follow a few simple tips, it’s easy for 20-somethings to avoid bankruptcy. If you find that your credit card debt is out of control, it can be discharged through Chapter 7 bankruptcy.