Nowadays a surprisingly high number of bankruptcies are filed by young people, amongst whom are students, of an average age of twenty. A survey on financial problems associated with teenagers has revealed that teenagers below nineteen now have at least one credit card of their own. It has also been found that every graduate student owes an average of three to four thousand dollars due to credit card expenses as well as other debts.
It is now becoming a major problem, for it can be difficult to manage student finances, as young people do not have the experience and can easily make financial mistakes. In some states there have even been legislation acts that limit solicitation to college students. There have also been recent bankruptcy reforms that are now considering new bankruptcy regulations in order to deal with teenagers' debts.
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Nowadays students leave their families at an earlier age and have to face up with financial management for the first time. This can be a problem for such young people and they soon find themselves in debt due to the indiscriminate use of credit cards.
Most people use credit cards as opposed to cash when purchasing in shops. This method of payment makes it more difficult to keep track of expenses, and it is harder to manage finances, thus will easily lead to bankruptcy. A student who has to face up to bankruptcy at such an early stage in life, can find it too oppressive to live up to. Many of the debts students are faced with concern government student loans that cannot be discharged when filing for bankruptcy. The only way to avoid paying back these loans is by proving that paying back the loan will represent a substantial hardship for the student, although this plan of action is very difficult to actuate.
Most student loans will have to be refunded and will not be discharged, this is regulated in all chapters of the Bankruptcy Code. However, there are always ways to avoid paying off debts by using effective strategies that will create outlets to avoid strict government legislation.
In all cases only the bankruptcy judge can give the final decision, and may or may not decide to discharge the student's loan by filing for bankruptcy. In these cases, loaning companies cannot ask for refunds from students, they will have to wait for the final judgment.
However, it may be a better idea to avoid any bankruptcy filing and search for professional counseling. A bankruptcy attorney can help students deal with the loaning company directly, to find an agreement and friendlier way to settle all debts.
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