Should bankruptcy (consumer) protections be redefined for student loans?
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If those people who think that they have more money than they actually do (people who are below the poverty line who want to buy a home knowing that they can't), then they need to be liable for incompetence.
Should bankruptcy (consumer) protections be redefined for student loans?No, bankruptcy should never be allowed to forgive student loans. Why? Those too stupid to realize that they aren't going to be able to afford the payments borrowing 180,000 to be a public school kindergarten teacher shouldn't be rewarded with a free education. People who are bad at math should not be excused of their legal responsibilities to pay back ANY money they have borrowed.
Besides, bankruptcy laws have changed significantly in recent years. Most people who file bankruptcy DON'T have all their debts forgiven, just consolidated into lower payments. They still have to pay all that money back. They just get the added benefit of now having a bankruptcy mark on their credit report. Fun.
Should bankruptcy (consumer) protections be redefined for student loans?Lots of people think that once they鈥檝e filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn鈥檛 always true, there are<!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.
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