Strapping people to the millstone via new bankruptcy legislation is just one of many ways to create the desired debt-slave population.

What about all of the young people who went to college, university, etc. on "government funded" student loans?

What happens if a failing economy places these new graduates in the margins even after the loans come due?

If they default or fall behind, a collection agency is engaged. If they fall behind again, they face the full brunt of the federal brute bearing down on them for immediate repayment. If the student has a job, his wages are automatically garnished and accounts are frozen. If the student can work out a "deal" — he faces having a huge penalty added onto the principal (as much as half of the original loan amount has been reported), then a payment schedule of up to 30 years, with the usual usury routine of 'interest comes first, then principal' applied.

A seasoned loan shark can teach the federal machine nothing that it doesn't already know.

In this way, the large majority of middle class graduates (who depend on student loans to fund their education) can easily be caught on the spokes of the Beast and reduced to debt-slaves.

Far better to lose everything all at once.

"When you have robbed a man of everything, he is no longer in your power."
— Aleksandr Solzhenitsyn