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If you don't follow through with a payment plan and aren't fortunate to receive a financial windfall, financial help, or have your loans forgiven, you may end up joining the 11% of respondents who declared bankruptcy.
Chapter 7 bankruptcy — liquidation bankruptcy for people with limited incomes, that aims to discharge all debt — involves more risk, attorney William Waldner of Midtown Bankruptcy previously told Business Insider.
So bankruptcy may not wipe out the debt the way you think it will.