3 ms·
Prior to 1976? That might as well be another century. My guess is not many loans discharged by BK. I would also guess loan amounts were not insane, as they
by robomartin 3y ago
Prior to 1976?
That might as well be another century. My guess is not many loans discharged by BK. I would also guess loan amounts were not insane, as they are today. I would further guess the no-discharge rule had to have origin in excessive defaults. Nothing happens in a vacuum.
- nielsbot 3y agoI’d bet (without evidence sadly) that credit cards have a higher rate of default and you can declare bankruptcy for CC debt. Surprisingly (some) student loan debt can be discharged under bankruptcy per the CFPB: https://www.consumerfinance.gov/about-us/blog/busting-myths-about-bankruptcy-and-private-student-loans/ https://www.consumerfinance.gov/about-us/blog/busting-myths-... What a mess.