Since a law change 1998, discharging student loans has been very difficult in bankruptcy proceedings. Two reasons:
The grounds for discharge for a student loan are very narrow — debtor must establish that failure to discharge would impose an “undue hardship” on debtor or his/her dependents; and
The bankruptcy court must make the finding of undue hardship [...]
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Both parties are bragging these days about their cost-cutting moves. Unless something serious gets done, we could easily ring up a $12 Trillion deficit in the coming years. Read Robert J. Samuelson (one of the few economists I bother to read) take on the status quo at http://tinyurl.com/yjcvwu6.
Is a $12 Trillion deficit enough to bring [...]
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