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There are different ways to do that by redefining the way bankruptcy works. E.g. Personal bankruptcy could result in 2-3 years of handing over most of your inco
by hectormalot 9y ago
There are different ways to do that by redefining the way bankruptcy works. E.g. Personal bankruptcy could result in 2-3 years of handing over most of your income to the state (which distributes across the original loan providers), expect any major assets to be liquidated (e.g. Your house), before you're considered debt free.
- pfisch 9y agoIf you just graduated from college with no money and debt how could you have a house? Also that is currently how bankruptcy works anyway. >Personal bankruptcy could result in 2-3 years of handing over most of your income to the state (which distributes across the original loan providers) That is even worse than how bankruptcy works right now for most debts. There already is loan forgiveness after so many years for student loans. Also even if they did offer some faster path to discharging student debt the interest rate on the loans would go up to handle the increased loss from defaults. That would not really make the situation better either.