""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.""
Young adults, particularly Gen Z and young millennials, are increasingly filing for bankruptcy due to overwhelming debt. Factors contributing to this trend include rising living costs, stagnant wages, and the proliferation of credit card debt. The rise in buy now, pay later loans and online gambling has further exacerbated financial struggles. Personal bankruptcy filings have risen since the pandemic low in 2022, with over 533,000 cases filed last year. Chapter 7 bankruptcies, which eliminate most unsecured debts, are the most common among these filings.
Read at www.businessinsider.com
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