Bankruptcy As an Option
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In the U.S., the bankruptcy laws recently changed in order to make it more difficult to declare bankruptcy. While before bankruptcy wiped the slate clean, now people with certain income and other characteristics are required to enter into a payment plan of some sort as part of a bankruptcy settlement. Instead of starting with a clean slate, this means people in the U.S. now have to pay back a portion of their debt(s). Furthermore, certain debt like student loan debt and IRS debt is not, and never has been, dischargeable in bankrupcty in the U.S. (more…)













