Bankruptcy

The Lost Generation

By Joseph McDaniel, Esq.

Not to war, although some will go that way. Not to disease, although I expect a fairly remarkable increase in tuberculosis over the next few years.

No, to depression and despair.

The kids coming out of college during this depression are saddled with the biggest student loans in the world. Those who are the highest-performing among the students, like baby lawyers, will find very few jobs. Or start their own practices.

But those lucky enough to find those low-paying, insecure jobs or small, new practices won't meet their expectations. And more importantly, they won't pay enough to handle debt service on the huge student loans involved.

Depending on whether the incomes of doctors take the same sort of hit, which I expect, same result.

Engineers actually have to study in school. Lots of hours of hard, grinding work to make an engineer.

Who now will get to experience an inspiring five years asking the world's most famous Koan: "Would you like fries with that, sir?"

Those are engineers. They'll beat out the sociology degrees for the few jobs that are around, I expect. Practice that flipping motion and the fries will be perfect!

Kids who came out of school three or four years ago were able to get good jobs, and some very good jobs. They have the best ringside seats on despair, because they had it good, made a lot money, started making payments on their student loans, got beautiful cars and homes, and watched all of it erode, slowly at first. Then right down the swirling magic bowl.

Along with their now-worthless diplomas, those kids coming out of college have student loans that even a Chapter 7 bankruptcy won't (in almost all cases) cure.

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on July 17, 2009 (boomark / email).