Although the economy has improved in the last few years, there are still millions of Americans facing unemployment and high credit card debt. Recently on our bankruptcy forum a user asked, “I have been unemployed for six months. I have spent my emergency savings, and I am living off my credit cards. If I decide to file for bankruptcy protection should I keep making credit card payments or should I focus on paying my mortgage bills and keeping my home?”
Young adults, now more than ever, are facing difficult financial times. Whether it’s high college loans, unexpected medical bills, the high cost of living, or simply not being able to find a job, many young adults are considering filing for bankruptcy protection.
Recently on our bankruptcy forum a user asked, “I am a 28 year old living in New York City. I graduated from college a few years ago with over $50,000 in school loans and $20,000 on my credit cards. I also have several unsecured personal loans and my mother is a co-signer. What will happen if I file Chapter 7 and will my mom be forced to repay the personal loans?”
Most bankruptcy filers will receive a Chapter 7 discharge within three or four months from the date they submit their bankruptcy petition, but this may not mean your case is over. A Chapter 7 bankruptcy case will not end until the court issues a Final Decree. Recently on our bankruptcy forum a debtor asked, “I have received my bankruptcy discharge. Does this mean it is done or do I have continuing responsibilities?”