A College Education Is The Backbone Of Success Essay

835 Words Apr 16th, 2015 4 Pages
A college education is the backbone of success in the United States. College degrees can open up doors and opportunities that are shut with only a high school diploma. Graduating from college is prestigious and in this century, a requirement to a successful future. However, that success is greatly regressed when one graduates with unconquerable debt. Student loan debt continues to pile up on America 's college graduates, topping an average $29,000 per student; thus some students end up filing bankruptcy.
An efficient bankruptcy system and process must provide a balance. On one hand, it must give creditors tools sufficient to preserve the bonding role of debt by holding debtor businesses accountable for poor performance, prevent inefficient continuation of nonviable businesses, and preserve the incentives for debtor businesses to repay their debts. On the other hand, the process should allow debtor businesses to prevent inefficient liquidation and asset stripping by creditors where the business is viable as a going concern, and provide bankrupt companies with a fresh start and encourage entrepreneurship.
Generally, the solution to insurmountable debts is to declare bankruptcy. However, student loans cannot be discharged through normal bankruptcy. Instead, Congress requires debtors to file an adversary proceeding. During the adversary proceeding, debtors have to prove that repaying their student loans would constitute an "undue hardship." More specifically, the Bankruptcy…

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