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Students in Ohio avoid bad credit score through bankruptcy

Young adults in Ohio who are just graduating from college will not be surprised to hear about the increasingly high amount of debt being carried by their peers. In fact, a recent report notes that the average college graduate in our nation has $35,200 in debt when they leave school. This can lead to some having difficulty with repayment and a low or bad credit score.

The report notes that a full 7 percent of recent graduates say that they will never be able to repay the debts that they owe from college. Others believe that it will take 9 years to even hope to repay the loans and credit cards that they have taken out. In each of these cases, if the young person is unable to keep up with payments, they may find that they have a bad credit score.

The debts that the average college graduate carries include those that can be commonly discharged in a bankruptcy filing. In fact, many find that they are able to relieve themselves of many, if not all, of their unsecured debts when they decide to file a personal bankruptcy. This can help a person begin to restart their financial lives.

Regardless of the reason that a person in Ohio has a bad credit score or high amounts of debts, there are options for relief. A personal bankruptcy is one of the most beneficial. However, there are rules to the Bankruptcy Code such as the lack of ability currently to discharge most student loans. These rules should be reviewed to ensure that the best possible outcome is achieved after the bankruptcy process.

Source: CNNMoney, "Class of 2013 grads average $35,200 in total debt," Blake Ellis, May 17, 2013

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