When a student first enrolls in school, they may be excited about the prospects of new opportunities and a bright future. However, as the financial realities of the modern world sink in, this happy picture can become bleak. Tough job markets and thousands of dollars of student loan debt can leave a person feeling as though they have no way to get started on that life they dreamed about. However, there are some solutions available. If you're facing tough times as a student or a recent graduate, you're not alone. Debt negotiation or bankruptcy may be able to help you better manage your various financial obligations. The following facts should be considered by students and graduates when considering their bankruptcy options: #1: Student Loan Debt Can't Be Discharged Few students fully understand the financial obligation that student loan debt creates. Although these debts can add up to tens of thousands of dollars for postgraduate degrees that are necessary for better professional prospects, this grand sum of money can't be discharged in Chapter 7 bankruptcy. A student will be expected to pay for this debt in full. #2: Credit Card Debt is Manageable and Dischargeable Many students may be able to handle their student loan burden through deferments and income-adjusted repayment plans. Although, credit card companies are often less friendly about debt repayment, these debts can be discharged through Chapter 7 bankruptcy. Also, credit card debt is often more flexible in debt negotiation plans when compared to student loan obligations. #3: Know the Law on Student Loan Debt Some students may not realize that they can use debt negotiation to manage their credit card and consumer debts while utilizing debt management programs for student loan debt. It's important to consult with a legal advisor before taking drastic steps, as a bankruptcy can be a double-edged sword for some debtors.