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I guess in the US it's less stupid than in Europe, since if you end up broke you can still declare personal bankrupcy and your debts disappear.
Except for the student loan, which normally wouldn't be discharged in bankruptcy process.
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In Europe you will never ever get rid of your debts. This I know for sure.
Where did you get that idea from? Of course you can declare bankruptcy in any European country, depending on the country, process can be easier or harder, but definitely possible. In the UK people are declared insolvent or bankrupt at a rate of ~250 people a day.
