A new study done by the Institute for Financial Literacy reveals an increasing number of college graduates are filing for bankruptcy, challenging the notions that an advanced education is almost a guarantee for economic success. In 2006, degree holders accounted for 11.2 percent of bankruptcy protection filers, the study found. By 2010, their proportion rose to 13.6 percent.
Similar trends were observed for holders of two-year associate degrees and graduate degrees. In contrast, high school diploma holders or college dropouts logged a decline in bankruptcy protection applications. Data from the Department of Education showed that before students even leave their university some of them are already defaulting on their student loans. For the fiscal year that ended on Sept 30, 2010, student loan defaults went up to 8.8 percent from 7 percent the previous year. It comes as no surprise that there is a strong link between student default rates and joblessness rates.
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If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.