Are There Age Restrictions for Filing Bankruptcy?

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Is there an Age Limit to File Bankruptcy?

Is it true you have to be a certain age to file for
bankruptcy protection? Technically there is not an age limit that states you have
to be a specific age in order to file. Yet, you may have to live in a
jurisdiction for a certain time period when you file. Others may say you
should be 18 years of age or older to file since in most states you should
be of legal age when engaging in contract agreements. Even credit card
companies’ require cardholders be 18 or older before applying for credit.

Most people who file a bankruptcy petition are at least the age of 20,
but senior citizens are known to file for protection as well. Bankruptcy
can give you financial assistance no matter what age. In
Chapter 7 bankruptcy can get help no matter how much debt you have.

Bankruptcy is often a last resort for those have considered their options
including credit counseling and debt consolidation through a debt relief
firm. If you have the ability to make payments and want to reaffirm outstanding
obligations such as your vehicle or home, Chapter 13 bankruptcy is an
option to consider.

Have Any More Questions About Bankruptcy? Let us Know

Understanding whether you should file is something to discuss with an experienced
bankruptcy attorney. Even if filing is uncertain at this time you can
review potential debt solutions with a legal expert. You can discuss what
you have done up to this point to make an educated decision on what to
do next by contacting the bankruptcy attorneys at Allmand Law to
set up a free consultation.

Reference:

http://moneyfor20s.about.com/od/managingyourdebt/a/Will-Bankruptcy-Help-Me.htm

By | 2017-12-13T02:06:23+00:00 January 22nd, 2014|Bankruptcy|Comments Off on Are There Age Restrictions for Filing Bankruptcy?