Bankruptcy can provide a fresh start for people who are overwhelmed by their debt.
But deciding to throw up that white flag is one thing.
At the time, Pavuluri was still a student at Harvard.
So far, several hundred people have filed their bankruptcy forms via Upsolve.
The website has helped forgive more than $10 million in debt.
And the organization hopes its just the beginning.
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Theyve usually faced long-term economic disadvantages.
An Upsolve staff member reviews these forms before the user files them with their local bankruptcy court.
Then, the user comes back to the Upsolve site for credit and savings education.
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And Pavuluri said that just isnt enough.
Its a good way for us to be accountable to our users, Pavuluri explained.
The nonprofit has supplemented fundraising sources with this very tangible (but optional!)
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More than 472,000 people filed Chapter 7 bankruptcy in 2017, according togovernment data.
ButLeslie Tayne, a debt-relief attorney based in New York, said bankruptcy filers wont see those benefits immediately.
Your credit score will certainly go down upon the filing and reporting of bankruptcy, Tayne said.
However, how much it drops will depend on where the score started.
But Pavuluri stands behind his primary fight: to reduce barriers to bankruptcy filing.
People are embarrassed to file, and they should not be, Pavuluri said.
Lisa Rowan is a senior writer at The Penny Hoarder.
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