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Do You Think You Are Too Young to File for Bankruptcy?

Our Houston bankruptcy attorneys provide legal help to young adults when filing for bankruptcy.

Young people are going into debt at an earlier age than their parents did. Young people are now under a higher level of financial stress for a variety of reasons. According to Time magazine, the majority of debt is related to rent, transportation, and food. Hefty student loans are another. And to keep moving forward, more and more of this population segment is resorting to credit cards, rolling over their debt each month and paying high interest rates. Yet many steer clear of what is considered a drastic measure: bankruptcy. While bankruptcy is a serious decision, it does not warrant the stigma it once carried.

Westbrook Law Firm, PLLC understands the difficulties that the younger workforce is dealing with. Unable to find lucrative work due to a tight job market, many are forced to work in jobs with lower pay, even with a degree or advanced degree. Even with hard work and the best intentions, many young people have built up debt just in an effort to make ends meet every month. We can help halt the downward spiral and get you on the track to solvency. We can give you the confidence and reassurance you need to tackle your debt problems.

Difference Between Chapter 7 and Chapter 13

With Chapter 7, much of your unsecured consumer debt can be eliminated in about three to six months. These debts are usually credit card debt, payday loans, medical bills, overdue utilities and similar debts. There are certain criteria that must be met to qualify, such as having an income that does not exceed a certain average for the state. Many Chapter 7 filers do not have much, or any, non-exempt property to liquidate, and lose nothing other than debt. An experienced attorney will be able to help you determine how the state’s exemptions could impact your bankruptcy.

Chapter 13 differs from Chapter 7 in that rather than liquidate assets to pay off creditors, you restructure your finances in such a way as to facilitate paying off your debts over a three- to five-year period. You can avoid foreclosures, repossessions, wage garnishments, lawsuits and penalties, among other advantages. To qualify for Chapter 13, you must have a steady income source with enough disposable income to pay off the debt. A qualified attorney will be able to explain the pros and cons of each type of filing.

Experienced Legal Assistance Helps You Find the Right Solution to Your Debt Problems

These days, filing for bankruptcy can actually be the responsible thing to do to turn around a bad financial situation. Bankruptcy law, however, is complex and each situation is unique. We have extensive experience with helping individuals turn around their financial dilemmas, whether it’s through bankruptcy or other alternatives.

When you contact our firm, we can set up a consultation to discuss your situation. We are confident we can help you.


Time: Today’s Young Adults Will Never Pay Off Their Credit Card Debts