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Bankruptcy protection can help a college grad's financial state

Debt is a common problem for Americans who often have excess credit card debt, mortgages and other forms of debt to contend with each month. For many young people, however, student loan debt is one of their largest financial obligations in Florida. Particularly for those who never completed their degrees or who finished school but can't find work, it might seem impossible to balance the cost of the student loans and their regular expenses. That's when bankruptcy may be a helpful solution.

Because landing a job appears to remain difficult in today's economy, some students purposely study for careers that offer little personal satisfaction, simply because the wages are higher. Higher income means they are more likely to pay off their student loan debt. Otherwise, a person may be drowning in student loan debt for longer than they had bargained for.

A vast majority of people who have student loan debt today are above the age of 30. In fact, President Obama, now 52, actually said in 2012 that he had just finished paying off his student loan eight years prior. He also mentioned that student loan debt in his household was higher than his family's housing costs during the first eight years of his marriage to Michelle.

Being mired in student loan debt can be a blow both to one's wallet and his or her self-esteem. Some college graduates may feel stressed because they realize they are not able to keep up with their financial obligations, and their futures look bleak. A bankruptcy filing in Florida, however, can offer a helping hand and help a person to reclaim a more financially positive future. Even though college debt usually cannot be discharged through a personal bankruptcy filing, getting rid of other consumer debts through bankruptcy certainly makes it easier to alleviate one's student loan debt as quickly as possible.

Source: policymic.com, 7 Startling Facts That College Graduates Know All Too Well, Sanders Deionne, March 18, 2014

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