On Debt Discharge

Via Espn :

Mark Brunell, the three-time Pro Bowl quarterback who as a backup in 2009 for the New Orleans Saints won a Super Bowl, planned to file for Chapter 11 bankruptcy
protection Friday, the apparent result of a string of failed real-estate investments.

. . .

Brunell, who has made nearly $52 million during an NFL career spanning more than
15 years, told The Times-Union he had for years covered the group's loan payments as it sought a resolution with its creditors.
"In the end, we couldn't, and I am no longer able to shoulder this burden," Brunell said.

I'm not especially familiar with his financial investments, but find it interesting and a small amount of annoying that Brunell can discharge his debts and will continue to have relatively valuable assets not available to typical college and graduate students.

I don't mean to imply that Brunell is gaming the system or taking inappropriate advantage of bankruptcy laws, but it's disconcerting to realize that he has the option when a lot of underwater lawyers and other post-graduates aren't currently able to walk away from their poor investments.

A Perspective

Outstanding Student Loan Debt - 2009 (fed) $605,600,000,000
Outstanding Student Loan Debt - 2009 (private) $157,800,000,000
Outstanding Total Student Loan Debt - 2009 $763,400,000,000
Outstanding Mortgage Debt - 2009 $14,287,340,000,000
Outstanding Credit Card Debt - 2009 $917,000,000,000

Sources:
http://www.federalreserve.gov/econresdata/releases/mortoutstand/current.htm
http://www.hoffmanbrinker.com/credit-card-debt-statistics.html
http://www.finaid.org/loans/

Interesting, to me, which debt can be written off and escaped (and who is more likely to have that debt) and which debt cannot be eliminated through bankruptcy.