I think you might be overestimating the requirements for filing Chapter 7 bankruptcy. In many cases it's a strategic choice much more than a need due to being

I think you might be overestimating the requirements for filing Chapter 7 bankruptcy. In many cases it's a strategic choice much more than a need due to being destitute. Take a look here [1]. In general, if your income is below the state median (which most recent grads' income will be), your debt is more than half your income (easily the case for most recent grads), it would take more than 5 years to pay off (again, easily the case), and your disposable income is low, you can file for Chapter 7. [1] http://bankruptcy.findlaw.com/chapter-7/who-can-file-for-chapter-7-bankruptcy.html http://bankruptcy.findlaw.com/chapter-7/who-can-file-for-cha...