Super Lawyers Rising Stars
Avvo Rating 10
Avvo Clients' Choise Award
National College for DUI Defense
Lead Counsel Rated
The National Trial Lawyers Top 40 under 40
National Association of Criminal Defense Lawyers
PACDL
Expertise

What is the Worst Age to File Bankruptcy?

When it comes to paying debts by a reasonable time, often bankruptcy is the last resort for many as it relieves them of the burden of the debts that are too much to be paid in a reasonable amount of time. And the consequences of bankruptcy can have certain effects on you given the age of yours you are filing bankruptcy in. As such, there is no bar for age. But when you are filing bankruptcy, it surely has some impact on your financial situation. And that can be related to how old you are. So, if you want to know what the worst age is to file for bankruptcy, then you need to talk to an experienced Pittsburgh bankruptcy lawyer.

Considerations Before Bankruptcy Filing

Precisely, the worst age of filing bankruptcy will be the age when the debtor and his finances will be hit very hard due to it. While filing bankruptcy, the debtor should consider if this is the ideal solution for wiping out the debt as often many debts are not erased with the process. Also, they need to think of whether they want to delay the purchase of a house or a car. Bankruptcy will leave a negative effect on your credit score in a temporary way. So, ensure that this burden is worth the debt you want to erase.

Bankruptcy and Credit Reports

The bankruptcy will cause your credit score to go down and will remain in the record for the next 10 years depending on what type of bankruptcy you are filing for. Now, with this, even when the bankruptcy has been discharged, you might be charged higher interest rates for loans or loans will be denied to you which can be crucial for buying a home or a car. Consider this depending on how much time you feel you have in hand. A Pittsburgh bankruptcy lawyer can help you.

The Debts Erased in Bankruptcy

The type of debts you have should be the determining factor of whether bankruptcy will be the ideal solution or not. There are only a few types of debts that can be erased by bankruptcy. If you are certain that you want that, then go for this. Otherwise, change your spending habit and take care of your debts on time. The debts that can be erased include:

  • Credit card debt
  • Medical bills
  • Car and home lease obligations
  • Personal loans
  • Utility bills
  • Lawsuit judgments

The debts that will remain in the record can include:

  • Public and private loans
  • Income tax
  • Child support and alimony
  • Court fines, penalties, and payments for injury due to DUI
  • Student loan
Impact of Bankruptcy on Employment and Housing

As it has already been said, bankruptcy remains on the record for up to ten years. Hence, when you are looking for a new job or a new home, the landlord or the employer might conduct a background check. And this can lead to the discovery of your bankruptcy which can be the reason for rejection of your application.

Bankruptcy Cost in Time and Money

The worst age of filing bankruptcy is when you cannot afford it in terms of time and money. You will have to pay the lawyers, for financial counseling classes and the bankruptcy process. Also, this is a time-consuming job.

For more details, come and talk to our Pittsburgh bankruptcy lawyer at Pittsburgh Bankruptcy Law Group.

Client Reviews
★★★★★
Mr. Logue came to me for my consultation, which was nice! He helped me better understand my situation so I could weigh my options. He kept me updated on any new information about my case, and I could always easily contact him if I had any questions. I knew I was in good hands, and I got the best possible outcome for my case! Anonymous
★★★★★
Sean Logue accomplished an incredible thing for me by handling my legal matters. If you need help, this is the man to represent you...he's very keen, knowledgeable, and efficient in guiding you to freedom. The trust and loyalty he gives you is very down to earth, so if you need a lawyer this is the best one. You can feel totally confident in Sean's hands. Excellent job, thank you for taking the time for me, you took all my worries away...God bless your future. Anonymous
★★★★★
Mr Logue was the one I hired after talking to other attorneys about my case. He was the most knowledgeable and explained everything to me about his plan for me moving forward. He was always available to answer my questions and fought hard for me!! Don't waste your time looking for anyone else to help you. Mr Logue did an amazing job and very professional! Anonymous
★★★★★
Atty. Logue represented me well and took care of my legal issues superbly. He is a no-nonsense, very knowledgeable and well respected lawyer. I was pleased with his services. Would definitely recommend Atty. Logue to others. Anonymous
★★★★★
Mr. Logue is good for one reason, he cares. A client is not a quick buck. He always answers his phone, day or night and he understands the law better than anyone. He always answers my calls for both corporate and personal legal decisions and I have a ton of questions. His rates are reasonable too. Fair and firm. Anonymous