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What are the consequences of filing for bankruptcy in your 20s?

On Behalf of | Feb 28, 2024 | Bankruptcy, Blog

Making serious financial decisions in your 20s can significantly impact your future. Some decisions can lead to debt, and then you might have to make decisions regarding how to recover.

For some, bankruptcy can absolutely be a viable solution to overwhelming debt. However, it is also important to understand the consequences and advantages before taking this step.

Consequences of filing for bankruptcy

Filing for bankruptcy can severely damage your credit score, making it difficult to secure loans or credit cards in the future. This negative mark can stay on your credit report for up to ten years. As a result, you may continue to face limited financial options, unfair social stigmas and significant emotional stress for years to come.

Advantages of bankruptcy

Bankruptcy provides a fresh start by discharging most or all of your eligible debts. This can alleviate the stress of overwhelming financial obligations and offer a chance to rebuild your finances. Bankruptcy places an automatic stay on any outstanding collection action, giving you the chance to build a repayment plan without external pressure. It is also important to note that while bankruptcy may initially harm your credit score, a young adult will have ample time and opportunity to rebuild their credit in the future.


The United States Courts reported that there were 433,658 bankruptcy filings in the year ending September 2023, up 13% from the previous year. This figure goes to show that, while bankruptcy has its pitfalls, it is certainly a common and viable form of debt relief for people of all ages.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.