RE: "Committed Fraud"
Ahhhh, yes because only the for profit schools do that. The State colleges and Non-profit ones would never, ever, ever, inflate their graduation and placement rates.
And re-reading your Gun analogy. Chances are you wouldn't get dick. No money, not even the "Gun" or bits thereof, you'd paid for. You get in line with all the the other creditors (ranked by amount owed. BTW the top three get to determine the division of any remaining assets to include cash, so you're pretty far down the food chain and you'll be lucky to get a letter from the court saying "Thanks for Playing, but you get Bupkis.")
And the CC company is going to tell you there's nothing they can do as it's been more then X days after you paid your bill to start a dispute, and besides they are out of business and can't respond to our request for info, plus they filed BK and we're not wading into/waiting for the mess to clear up. Go get 'em yourself Tiger.
So yes, I would try but I also know that it's very, very long odds on getting anything, having BTDT.
And I will re-iterate: NO ONE MADE THEM CHOOSE THESE SCHOOLS, NO ONE MADE THEM TAKE OUT STUDENT LOANS. HENCE, THE STUDENTS AND ONLY THE STUDENTS ARE RESPONSIBLE FOR THE LOANS.
It is generally understood that you give certain schools money, go to some classes (including the on-line ones) and then after the appropriate amount of time passes you get a sheet of paper saying "I ARE A _________.". I even saw an billboard the other day promising that you could earn a Bachelor of Science in Nursing, ALL ON-LINE !!!! Really, a profession that is pretty much devoted to being with and helping treat ailing people without spending anytime, you know, WITH PEOPLE?!?!?! Who are they crappin'??
If you sign-up with one of those schools, then you know you aren't getting even a middle-tier education. They signed on the bottom line (probably several). Sucks to be them.
And Uncle Sugar is NOT supposed to clean the mess you've made of your own life. Especially with the taxpayers money.