Recent college graduate in Texas uses bankruptcy to gain financial stability
USA Bankruptcy Guide, an online resource for individuals considering a filing, recently featured an article written by a Texas woman named Kathie who made the decision to file for Chapter 7 bankruptcy at the age of 26 when she couldn’t make ends meet.
As many young adults know, life after college can present its own unique set of challenges, especially during a time when the economy is still recovering from the Great Recession.
USA Bankruptcy Guide, an online resource for individuals considering a filing, recently featured an article written by a Texas woman named Kathie who made the decision to file for Chapter 7 bankruptcy at the age of 26 when she couldn't make ends meet.
After she graduated from college, Kathie said that she had a difficult time finding employment in her small town, so she took a job that gave her a measly $1,000 per month in income. Over time, Kathie's bills started adding up – particularly when it came time to pay her student loans. She was no longer able to cover her expenses and fell deeper into credit card debt.
Finally, with the support of her parents, Kathie got in touch with an attorney who helped her file for Chapter 7 bankruptcy. Her car was repossessed, but all of her debt except for her student loans was discharged, enabling her to reach a point of financial stability.
Now, Kathie says she views the experience positively.
“I learned that I can make mistakes without necessarily being a failure,” wrote Kathie. “Last year my husband and I bought our first house together. Even with the bankruptcy on my record (it's expunged this year), we were able to get a mortgage with a 5 percent interest rate because we both handle our money responsibly.”
To begin your road to financial recovery, contact Atlas Law Firm, a Twin Cities bankruptcy law firm, today. Our experts can advise you on the steps to take to secure a filing and help you through this process.