Why aren't student loans dischargeable under Chapter 7 or Chapter 13 bankruptcy? All know filing for bankruptcy is no joke. A person who chooses bankruptcy can expect 10 years of poor to no credit. But after 10 years, he or she can restart.
Now forgiving student loan debt for its part is some relief for those who can claim it. But, it is also unfair to those who paid their loans off and arbitrary to those who missed the preset financial cutoffs.
So again, why treat student loans as special nondischargeable debt with regards to bankruptcy? Is a dollar not a dollar, whatever loan, cost, or price is being considered?
As bad as declaring fiscal kaput may be, people have this right. It’s called filing for bankruptcy. And, bankruptcy as an individual’s last fiscal bastion should include the discharging of both public and private student loans, lest we make platinum idols out of these arrears.
Chris Knoepfle, Springfield
This article originally appeared on State Journal-Register: Make federal student loan debt dischargeable under bankruptcy laws