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Filing Bankruptcy on Student Loans - I Don't Think So

Filing Bankruptcy on Student Loans - I Don't Think So
"Over the past two decades, the United States has prioritized postsecondary education. Everyone desires for their children to attend an Ivy League institution and obtain a well-paying position after graduation. This theory's only flaw is that it does not function. There are currently no high-paying positions available for college graduates. In fact, the unemployment rate for recent college graduates is approximately 40% when they leave school. To add insult to injury, they will be saddled with student loan debt as a result of this costly education. Many uninformed young adults mistakenly believe they can eliminate these liabilities through bankruptcy. Education is beneficial, but not when it leads to bankruptcy. When young adults are burdened with student loans, the minimum wage jobs they can obtain are insufficient to support them. Now there is a new generation of college graduates sleeping on their mother's sofa while filing for bankruptcy to eliminate other debt they cannot afford to pay because of student loans.Many of these students continue their education in order to evade repaying student loans. There are numerous youthful college graduates with PhDs and master's degrees applying for positions at big-box retailers. It's not that they didn't want to leave school and find employment, but when they discovered there were no positions available, they doubled down and returned to school to further their education. Many people are unaware that student loans are not repaid while the borrower is still in school. As a result of amassing substantial quantities of debt, an increasing number of individuals are opting to become professional students. Numerous experts now refer to student loan debt as a ""bubble"" due to its astronomical levels. In the United States, this debt has now surpassed $1 trillion. What happened to the days when students attended community college for two years before transferring to a four-year university and waiting tables to fund their education? In the past, students graduated from education debt-free. Regarding this topic, multiple parties bear responsibility. Priority has been placed on higher education from kindergarten through high school. It has been drilled into the children's minds that they will never amount to anything without an expensive education. Second, the government has made these guaranteed loans accessible to anyone who requests one. As a result, many of these individuals change professions early in life because they are unable to support themselves and pay back their student loans.Now, when a young, indebted adult decides to file for bankruptcy, the first query they will ask their bankruptcy attorney is whether it is possible to discharge student loans. When the bankruptcy attorney says no, the client will likely respond that they read on the Internet that it was possible. Technically, it is possible, but the burden of proof for a person to include them in their bankruptcy filing is quite high. The individual must demonstrate that they will never be able to repay these loans. Consequently, a bankruptcy attorney will consider the individual's age and physical condition. A person's inability to find employment is not sufficient grounds to discharge these loans. Typically, it takes a catastrophic accident or illness resulting in disability or a person's aging out of the workforce for them to leave the employment market. The elusive Chupacabra is presumably easier to find in the wilderness. In other words, it is extremely difficult to declare bankruptcy on student loans.
" - https://www.affordablecebu.com/
 

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"Filing Bankruptcy on Student Loans - I Don't Think So" was written by Mary under the Finance / Wealth category. It has been read 128 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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