Young Tennessee Residents in Need of Financial Help May Benefit from Bankruptcy in 2012
This fall, thousands of young people set up camp in cities nationwide to protest economic and social injustice. While the Occupy movement has since faded due to increased police presence, angry city officials, and dropping temperatures, the questions it raised remain unanswered.
The young Americans who carried signs, shouted slogans, slept on lawns and benches, and sought change have one thing in common. They're frustrated by their limited opportunities for success.
In essence, the Occupy movement is about finances.
Today's bright young college graduates are entering the real world swimming in student debt - sometimes hundreds of thousands of dollars worth - and walking into a job market that simply doesn't need them.
They can't find work, they can't find an affordable place to live, they can't keep up with their mounting credit card debt - they can't find the footing they need to get their life started. But bankruptcy in Tennessee may offer a solution.
Tennessee bankruptcy lawyers have helped numerous clients find a fresh start. When bills are high and income is low, waiting for an opportunity to find you isn't an option. You need to make something happen. Bankruptcy is a way to take action.
From the moment consumers file for bankruptcy, creditors are prevented from making harassing phone calls - and from contacting debtors altogether. For those with an income level that qualifies for Chapter 7 bankruptcy, debts are wiped out completely. While giving up assets is sometimes required, many filers are eligible for exceptions and exemptions.
Sometimes eliminating the burden of debt, interest, and late fees is enough to help folks get their lives on track. Here's some additional advice that may be useful to young people looking for financial solutions, from a recent column in Kiplinger:
Look Before You Leap
Every year thousands of recent grads head to major metropolitan cities like New York and Los Angeles in hopes of hitting the big time. But before you make a life-changing move, do your homework. Not all cities today have the same employment rates, rent prices, or quality of life. Instead of looking for glamour, look for real job opportunities and a low cost of living. This summer Forbes.com looked at the best cities for young professionals. Des Moines, Iowa boasts a 5.8 percent unemployment rate, while jobs in Raleigh, North Carolina are expected to grow by at least 2 percent annually.
Lower Student Loans
You shouldn't have to spend the rest of your life paying off your education - that's not the point! If a scholarship is out of the question, alternatives like gradual payments or repayment plans based on your income level can make college more affordable. If you're looking at college choices, it may be worthwhile to choose an in-state school to avoid outrageous out-of-state tuition. Taking the bulk of your general education classes at a community college or public university can lower costs significantly, leaving the option open to transfer to a private school for your major-specific courses.
Find Affordable Health Insurance
Even young people need health care. Health insurance helps guarantee you won't be stuck with enormous debt if you need to see a doctor, purchase a prescription, or spend a night in the ER. Again, you may be able to save money on health insurance premiums if you live in a more affordable city. Those with certain pre-existing conditions or at an elevated medical risk can stay on their parents' insurance until age 26.
Remember, if debt is preventing you from your American Dream, bankruptcy can provide an answer.
More Blog Entries:
A Reality Check for Young Adults, by Janet Bodnar, Kiplinger.com
America's Best Cities for Young Professionals, by Morgan Brennan, Forbes.com