The current debt that the Millennial generation carries is likely heavier than most people realize. However much of that debt is in the form of student loans, which are typically not able to be discharged through bankruptcy. However, bankruptcy can still be an effective approach for South Carolina residents who are facing insurmountable debt, even if that means freeing up the funds to put toward ongoing student loan payments.
When it comes to consumer debt, student loan ranks number two and is mostly shouldered by the Millennials. On top of this massive debt is this generation’s unemployment rate, which in 2016 was approximately three times higher than the national average. Those who are employed often work extended hours or multiple jobs expressly for repaying loans.
Over 44 million people have borrowed $1.3 trillion in the search of a better life brought on by higher education. Unfortunately, many people realize too late that student loans can be nearly impossible to repay. The burden has become so great that a recent survey revealed that half of people aged 18 to 34 would trade their presidential voting rights for the next eight years if, in exchange, their student loan debt would be forgiven.
Virtually no one intends to become so deeply buried in debt that they cannot climb out, but life is unpredictable. Sometimes debt builds slowly, while for others a single emergency can topple even the best laid plans. While current federal law bars the discharge of most student loans through bankruptcy, a Chapter 11 or Chapter 13 proceeding is still considered an appropriate response to overwhelming debt for consumers in South Carolina and across the country, and can help lay the foundation for a more secure financial future.
Source: romper.com, “The Reason Many Millennials Would Give Up Their Right To Vote Is Eye-Opening”, Casey Suglia, Sept. 13, 2017