As a result of their lack of experience and propensity for making financial mistakes, managing student finances is becoming a significant issue. Some states have even enacted legislation restricting solicitation among college students. In addition to recent bankruptcy reforms, new bankruptcy regulations are being considered to address the debts of adolescents.
Today's students abandon their families at a younger age and must manage their finances for the first time. This can be a problem for such young people, who quickly find themselves in debt due to their reckless credit card use.
When making purchases in stores, credit cards are favored over currency by the majority of consumers. This method of payment makes it more difficult to keep track of expenses and manage finances, and thus is likely to result in insolvency. It can be oppressive for a student to confront bankruptcy at such an early stage of life. Many of the debts faced by students are government student loans, which cannot be discharged through bankruptcy. The only way to avoid repaying these loans is to demonstrate that doing so would pose a substantial hardship for the student, although this strategy is extremely difficult to implement.
All chapters of the Bankruptcy Code stipulate that the majority of student loans must be repaid and will not be discharged. However, it is always possible to avoid repaying debts by employing effective strategies that establish avenues to circumvent strict government regulations.
In all cases, only the bankruptcy judge has the authority to make the final determination, and he or she may or may not decide to discharge the student's loan by filing for bankruptcy. In these instances, loaning companies cannot request repayment from pupils; they must await the final judgment.
However, it may be preferable to avoid filing for bankruptcy and instead seek professional counseling. A bankruptcy attorney can help students negotiate a more amicable method to settle their debts with the lending institution.
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