Bankruptcy is a worst-case scenario…
Student loans are the bane of higher education. They drive tuition rates up, leave entire generations of college students leveraged up to their necks and follow graduates around for years.
Bankruptcy is the painful process of taking debt down to size. The process of bankruptcy has a long tradition in the Western world, and it has been part of the United States since its founding.
When a borrower defaults on his mortgage, the bank does not foreclose on the home immediately. The foreclosure process can take months due to the legal proceedings the lender must initiate.
Divorce is heart-wrenching for the adults involved, but even more so for the children. Ideally, both parents will still want to be a regular part of their children’s lives.