Saturday, July 3, 2010


I've never been to declare bankruptcy.

And I just learned something important about doing so. Even though declaring bankruptcy erases some debts like mortgage and credit card debt, it apparently does NOT erase college loan debt! This is important knowledge for college students and their parents. As it becomes increasingly harder to pay for college, declaring bankruptcy once out will not likely help the student. They could end up defaulting on loans and effectively ruin their credit. Better yet is to find an affordable college and be able to work and steadily pay off any loans taken out to cover the cost of higher education.

That I'd like to see.

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