Total student loan debt in the U.S. is expected to reach $1 trillion this year — more than the nation’s total credit-card debt. The consequences of default are severe. Unlike most debt, student loans are almost impossible to dispose of through bankruptcy. If students fail to repay, their tax refunds can be withheld and wages and Social Security payments can be garnished.
Lawyer turns topless dancer to pay the bills
While I agree that hardship discharge of student loans is almost impossible (in the Northern District of Georgia, you generally need to show medical reasons for inability to pay), you can include student loan debt in Chapter 13 and thus "restructure" your monthly payment. I would therefore argue that Chapter 13 can offer some benefit in some cases.
ReplyDelete