Congratulations to all 2014 graduates! Many college grads, graduate in debt. Student loans or personal loans help students pay for college. After graduation, the loan debt comes due. Many grads struggle to find jobs and many jobs available barely cover living expenses let alone student loan payments.
According to a recent study by the Pew Research Center, college graduates under 40 with student loan debt have a median net worth of $8,700. This is low because most people with student loan debt have other debts like credit card and car loan payments.
The best gift to give a grad this year could be a bankruptcy. A Chapter 7 bankruptcy can eliminate other debt like credit cards, personal loans, or medical bills. It will be much easier to pay the student loans if there is no other debt to worry about paying. A Chapter 13 plan can help consolidate debt in an interest-free repayment plan. A college grad can start a new job and file a Chapter 13 to make the debt payments affordable.
Geraci Law Attorneys have hundreds of hours of consumer bankruptcy law experience. If you just graduated, your financial situation is about to change. Peter Francis Geraci and Geraci Law can help you get control of your finances!