Cash Course: What Is Bankruptcy? | Kids Shows 

Just remember that Chapter 7 wipes out your debt. Chapter 13 restructures your debt to a manageable monthly payment. I filed chapter 7, it was like have a new beginning on life.

Debt is Money Cancer.

I pay my balance every month and earn cash back with no annual fee, credit cards can be good if not abused.

@@firering51: You are obviously living within your means. Most people don't.

I'm so sorry you've been conditioned to believe you must go back into debt every month so all of your purchases can be tracked. I'm so glad my credit score is zero and I had my credit report frozen. I never worry about data breaches. That's worth a lot more than points I'll never use. And cash back is nothing compared to what you could lose in a data breach or identity theft from you credit application.@@firering51

How do you think people buy houses and cars? 🤡 advice.

@@jackcarraway4707: I can understand using credit for a house, but that still doesn't mean one has to have credit cards. And to buy a car on credit is just plain stupid. And buying a new car, doubly so.

>It can NEVER be discharged through a bankruptcy proceeding... In regards to US law, that is not completely accurate. It *is* technically possible, albeit exceedingly difficult, to discharge student loan debt through filing bankruptcy. Technically, a bankruptcy court judge has to apply the Brunner Test to determine if repayment of a borrower's student loans causes an "undue financial hardship". What constitutes an "undue financial hardship" was never explicitly defined in US bankruptcy law, so that means it is up to bankruptcy court judges to exercise discretion in interpreting the law. Fortunately, recent executive orders by the Biden administration have made it somewhat easier for student loan borrowers burdened with unmanageable student loan debt to expunge their loans in bankruptcy. And that's not to say of the tens of billions of dollars of student loan forgiveness issued by Joe Biden despite some setbacks from Congress and the Supreme Court. *Note: Before any conservatives come at me about my alleged ignorance about Joe Biden's track record of student loan forgiveness and bankruptcy, I am aware that back when he was a senator in 2004 or 2005, he voted for a bill (that passed) that made it almost impossible to discharge private student loan debts in bankruptcy. Times have changed, and while some conservatives may argue that Biden is only forgiving student loan debt to "buy votes from younger voters" rather than doing this out of the goodness of his heart, Joe Biden has done more to combat the issue of rising levels of student loan debt and the dilemma of college affordability than any previous US president, including his former boss, Barrack Obama*.