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There is no age limit when it comes to filing for bankruptcy that is you can never be too young or too old for filing for bankruptcy, it is just your situations and your circumstances that will reveal whether bankruptcy is the best option or not.
Legal view ?
Legally all young adults and senior citizens can file for bankruptcy but it is not necessary that you should file, it all depends on your situation. It is also not necessary that the court will grant the bankrupt status or not.
The most common chapters that one files under are chapter 7 and chapter 13 and for better judgment contact a good bankruptcy attorney.
Why do young people file for bankruptcy?
Many people in their 20s and 30s file for bankruptcy due to student loans, credit card loans, or medical bills. That said some types of student loans and medical bills do not get discharged when filed for bankruptcy. One good advantage is these people will make sound financial decisions in the future.
Why senior citizens might file for bankruptcy?
Senior citizens might file due to their medical expenses. They might have gone through a divorce or have retired and do not have a steady income or even they were scammed. Retirement accounts and pension plans are considered exempt property. In chapter 13 you will need a steady income and in chapter 7 you don’t even necessarily have a job and their debts are almost discharged.
If you want to file for bankruptcy do not hesitate. It is all right to file for bankruptcy and start a new financial life. If you live in or near Los Angeles & Dallas, TX, contact Recovery law group-(888-297-6203).