Do I have to be a certain age to file for bankruptcy?

age file bankruptcy

When you first start to consider the possibility of filing for bankruptcy, many thoughts go through your mind. You may start by feeling scared, almost lost in a maze that doesn’t seem to have an ending. You may feel uncertain as to how to proceed because you are sure no one else that you know has ever done it and therefore there is no one that you can talk to in confidence about your critical financial situation. And if you through your age into the mix, you may truly start feeling terrified.

Don’t worry. You are definitely not the only one going through this. And you can also rest assured in knowing that bankruptcy can happen to anyone, no matter their stage in life or their income level. Married couples and single people, young people and seniors, it seems as if bankruptcy is an equal opportunity condition.

What issues can lead you to the decision to file for bankruptcy?

Before embarking on this project, you need to feel that the reasons that brought you to this point are actually sound or reasonable.

You should know that almost half of all bankruptcies are due to medical debt. Other important issues seem to be finding yourself without a job or having gone through a divorce. And other actions that you may have taken might also have led you to the point where you are today. These may be excessive credit card debt, a big mortgage that you cannot pay and very high car payments.

What age do you have to be to file for bankruptcy?

Although technically you can be any age to file for bankruptcy, most states do require that you are at least 18 years old when you file for bankruptcy. Think about it: even when you apply for a credit card, you are required to be at least 18 to qualify.

Is bankruptcy the first step you should take to resolve your debts?

In general terms, since filing for bankruptcy might have long-term consequences on your credit score and your eligibility to get credit in the future, you should opt for bankruptcy only after you have tried some other options. Like what? You might start by receiving some credit counseling or going through some debt consolidation. You may also consider getting rid of some financial obligations. Can you get rid of the car and use public transportation until your situation improves? Talk to your lender or dealer and find out if this is an option. Cutting up your credit cards might also help.

What can bankruptcy help you with?

Filing for bankruptcy may make it possible for you to:

- Discharge your debts and get a fresh start with your finances
- Prevent the repossession of your car
- Stop any foreclosure proceedings against your home until you can catch up on missed payments
- Stop wage garnishment or debt collection harassment
- Prevent or restore the termination of your utility services

Bankruptcy will not, however, free you from making child support or alimony payments, pay your student loans and some taxes, among others.

Get the legal help you need

Facing huge financial distress and the possibility of filing for bankruptcy is definitely not something you want to tackle on your own. Make an appointment today with Attorney Ken Schneider today.

Do You Need An Attorney?

If so, post a short summary of your legal needs to our site and let attorneys submit applications to fulfill those needs. No time wasted, no hassle, no confusion, no cost.

Posted - 04/08/2020