""We're definitely seeing more young filers, and it's not because they're irresponsible. It's because they entered adulthood during one of the most financially distorted environments in decades.""
""What we're seeing is sort of the hangover from several years of government stimulus and all the various economic things that have driven up costs and expenses while keeping wages fairly flat.""
""I 100% believe that filing bankruptcy has been the best thing that has happened to me," a young woman said in one TikTok video."
Bankruptcy filings in the U.S. have risen, particularly among Gen Z and young millennials. Factors contributing to this trend include high living costs, stagnant wages, and easy credit access. Over 533,000 individual bankruptcy cases were filed last year, marking an 11% increase. Attorneys note that many young filers are not irresponsible but are facing financial challenges due to a distorted economic environment. Social media platforms like TikTok show young people sharing their bankruptcy experiences, highlighting the process as a means to eliminate debt.
Read at www.businessinsider.com
Unable to calculate read time
Collection
[
|
...
]