I feel like the only replacement for bankruptcy that works for people coming out of college with few assets is to require any unbankruptable (Is there a real word for this concept?) loan to have a minimum income required for repayment, meaning that if you come out of college unemployed or fail out you have a safety buffer between unemployment and destitution that you won't want to enter intentionally. Similar to the UK system, not that the UK system is currently doing any good.