Personal Bankruptcy, Parent Loans, and the Student Debt Crisis
When we think about the student loan debt crisis and consider the ways in which personal bankruptcy may or may not be an option for discharging student loan debt, most of us think about the students who used those loans to attend a program at a college or university. However, as a recent article from 401kTV points out, parents of college students are also frequently left with student loan debt (from their children), and those parents also want to learn more about bankruptcy options for managing debt. How do parents end up bearing the brunt of student loan debt in certain situations, and do they have the option of filing for consumer bankruptcy to discharge loan debt? How Student Loan Debt Affects Families (and Not Just the Student) The effects of student loan debt extend well beyond the individual who used those student loans to pay for school. Many parents find themselves in situations in which they have taken out student loans to help their kids pay for schoo...