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A new study suggests that distressed borrowers using a simpler bankruptcy process are succeeding — and that more people like them should try.
The process which enables this was introduced during the Biden administration.
Step 1: take out a loan for something that improves who you are, with no added goods.
Step 2: declare bankruptcy, selling off your nonexistent assets while keeping your diplomas.
Step 3: get meaningful work while carrying no debt, meaning you can take the work you want instead of the work that pays the loans.
Step 4: profit!
Why is this downvoted so hard? I’m confused.
because it’s suppose to be funny but it comes across as stupid and tone deaf.
Hm. I guess one could look at it that way especially if actively being fucked by the situation.
Because you can’t do that, even under the new rules; it takes making a good-faith effort to pay off the loans and having undue hardship as a result of them. That’s not a typical situation for new grads.
I guess everyone missed my point then.
Undue hardship IS common for new grads nowadays. Although I guess as it becomes normal, it won’t be considered undue hardship anymore.
The courts definition of undue hardship means not being able to attain a minimal standard of living and not having any real chance of it changing. For new grads in good health, the expectation is that it will change in the near future.
There as also a implication it was going on for a while, 10 years in the article.
New grads may feel it’s helpless and whole be for 10 years but courts do not operate on feelings, they need evidence.
The point of the article is there is more hope now than there was and to spread awareness because most people aren’t including this in their bankruptcy.