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A house and a car are an enormous amount of assets for someone 7 years out of college. Leaving bankrupts with "only" enough assets to be in the top few percent of their peers is hardly a hardship.

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Bankruptcy must be filed with a court and the creditors get a say. You don’t just wake up and say “I declare bankruptcy!”. A judge would look at your income and tell you to get bent, or at best set up a payment plan. They aren’t going to let a financially solvent person get out of debt. Here’s a quick summary:

https://www.experian.com/blogs/ask-experian/credit-education...

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