It is impossible to ignore the news in tabloids about the fact that last Casey Anthony declared bankruptcy. During her trial in 2011 Casey was found not guilty of murdering her daughter Caylee.
Unemployed Anthony claims debts of a little under $800,000, her assets being a little over $1,000. Most of her bills came from mounting a defense against prosecution and consist of a $500,000 debt to her attorney, and the rest is owed to forensics experts and private investigators.
Anthony’s declaration of bankruptcy is an attempt to receive financial protection from numerous civil lawsuits, associated with her trial.
Attorneys say that wiping the debt away through bankruptcy is the only thing Anthony can do to get freedom and the protection of Bankruptcy court.
While this is right, unlike the lucky Casey Anthony, people who borrowed money to pay for their tuition will not have such an opportunity, dire circumstances excluded.
Within the last 30 years the tuition costs have increased by 1,000, despite the fact the general incomes stagnated. Many families and individuals had no choice but to turn to student loans to cover their college expenses. As a result, the average student loan of a 2011 graduate exceeds $27,000. The collective number – over $1 trillion – dwarfs even the total outstanding amount on credit card balances.
Institutions lending money for higher education currently use all means to get their money back. Due to the imperfection of our legislation very few of them will even negotiate payment plans with debtors, as a result millions of people face decades of monthly payments, being chained to low-income jobs, because they cannot afford wait for the right job.
It is obvious that there is something terrible about how our laws are structured given the fact that people like Casey Anthony can file for bankruptcy to get a fresh financial start, while the people, who are indebted because of trying to improve themselves cannot get even a payment plan.