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People think that pursuing higher education is a sure shot way to success. This thought has been ingrained in the minds of young Americans, many of who feel that if they haven’t attended college and do not possess a degree, they will end up filing for bankruptcy. Although, there is no correlation between bankruptcy filings and student loan debts, any other alternative explanation is unavailable.
Lawyers of Dallas based bankruptcy law firm Recovery Law Group say that there are several cases of bankruptcy filers who are either high school educated or have not finished college degree. Some statistics reveal that there has been a growth of slightly more than 2% in higher education related bankruptcy filings in the past few years. Majority of bankruptcy filings can be attributed to people with high school education or some sort of college education. Though there has been an increase in upper middle-class people filing for bankruptcy, this is merely a trend which can be attributed to fluctuating market, bad economic decisions and spendthrift habits. If economy recovers, there will be more certainty and consistency in the market which will again lead to an increased number of student loan debt related bankruptcies.
If you are finding it difficult to manage your finances and are worried about student loan debt, you should call 888-297-6023 to speak with bankruptcy lawyers.