Everyone reacts to debt in his or her own way. Some respond by aggressively cutting their personal budgets to pay down debts. Others ask family members for help. And some turn to bankruptcy for debt relief.
While there is nothing inherently wrong with any of these options, individuals struggling with debt should know that they do have choices. As we have mentioned previously, the stigma that was once associated with bankruptcy is all but gone, and bankruptcy is now properly recognized as an important lifeline for people struggling with debt.
Just as people respond to debt in different ways, people accrue that debt in different ways. Whether a person loses his or her job, builds up too much credit card debt or suffers an unexpected medical problem, finding a way to resolve that debt is important. One parent has taken an unusual action to try to resolve debt.
The parent created a Craigslist listing entitled "Do you need a live 'cadaver'? Take my body". The posting advertised that the parent would do anything "legal or medically experimental" in exchange for funds to pay of his or her children's $200,000 in student loans.
This approach is extreme. While student loans are often not dischargeable through bankruptcy, there are still options available to individuals who need relief from student debt. For example, using bankruptcy to resolve other debts could free up funds to pay down student loans. Or perhaps the students could negotiate a resolution to the debt.
Anytime an individual is considering an extreme debt solution, it is important to discuss the legal options with an experienced bankruptcy attorney. It is likely that an alternative solution could be found.
Source: The Boston Channel, "Parent Sells Self On Craigslist To Pay Off School Debt," 25 Feb 2011