Video: Yes! Magazine’s optimistic take on bankruptcy and student loan debt

Fresh out of college, you’re burdened with loans.

“You didn’t land that dream job. You’re struggling to make ends meet. But the interest just keeps piling up. With a broken heart, you’ve written off the possibility of buying a home, having kids and getting married, because, hello, who wants to deal with your crazy baggage? But in reality, you want those things and your education was supposed to get you there. Now, you need a fresh start – just what bankruptcy was intended for. ”

That’s the situation a new animation from Yes! Magazine, “Why Student Debtors Can’t File For Bankruptcy – Or Can They” posits many ex-students – and viewers – are in.

But here’s the trouble. Bankruptcy is not viewed as the same type of debt as, say, credit card or homeowner’s debt. Nope. Bankruptcy gets lumped into the same category as criminal debt.

And you can’t declare bankruptcy on student loans – at least, that’s the standard argument.

But this animation from Yes! Magazine, and an accompanying feature story, suggests that’s not entirely true.

Check out Yes! Magazine’s deep dig into student loan debt here and the video below.

 

Photo credit: Yes! Magazine

2 COMMENTS

  1. There is a name for students with unbankruptable student loans…indentured servants. This is a form of enslavement. That is a violation of the 13th and 14th amendments of the constitution. Unequal education at unreasonable cost and a system that requires an “education” to get a job, that might keep you off of public assistance, leaves the populace exposed and systematically victimized by our corporate run government. It’s rather telling that obtaining a degree requires people to enslave themselves. The numbers cited here for “successfully” discharged student loans based on the number of those who actually tried to bankrupt those loans are abysmal. This article is sad.

  2. And…as a matter of law if you do not prevail in your adversary filing to obtain a discharge, you are responsible for the costs and attorney’s fees of the opposing party. Don’t worry they will just add it to your balance.

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