Bankruptcy(YALT)

[Malak]

Not so long ago.. Malak created a thread.. about his earnings. IIRC.. he made ~10K last year.

Yep, less than 16k this year. I'd sue the company that fired me if I thought I'd get any money out of it, was illegal what they did.

 

[MrChad]

You were in a similar situation in 2005. What happened then?

 

[highland145]

You were in a similar situation in 2005. What happened then?

I see you still don't have a special title for your memory of old posts. What gives?

 

[Alienwho]

LOL at guy above who filed two years ago and has since purchased two new 2010 cars. Logic fail. Best of luck on your 2012 bankruptcy goals.

 

[highland145]

LOL at guy above who filed two years ago and has since purchased two new 2010 cars. Logic fail. Best of luck on your 2012 bankruptcy goals.

Cash for clunkers? Too good to pass up.

 

[Malak]

You were in a similar situation in 2005. What happened then?

I got a pretty good job a couple months after that. Market impacts hit us on the west coast and lost that job, and the next, and it has been downhill since. Simply can't recover at this point, too far gone. Can only win the lottery if I play, so I got no backups.

 

[rbV5]

Good luck discharing your student debt.

 

[boomhower]

Good luck discharing your student debt.

Yeah, your stuck with that.

 

[Malak]

Yeah, your stuck with that.

Hey, they either get rid of it, or I don't pay. Either way, I don't pay. I got no money!

 

[Old Hippie]

Hey, they either get rid of it, or I don't pay. Either way, I don't pay. I got no money!

They'll wait for ya to get some.

 

[EagleKeeper]

Good luck discharing your student debt.

Yeah, your stuck with that.

Hey, they either get rid of it, or I don't pay. Either way, I don't pay. I got no money!

That debt will sit around your neck until you die.

Do not expect to see Federal tax refunds until paid off.
Once the student loans go into default; other sources of Federal money may also dry up.

 

[Malak]

That debt will sit around your neck until you die.

Do not expect to see Federal tax refunds until paid off.
Once the student loans go into default; other sources of Federal money may also dry up.

Don't expect to see taxes paid then! I can play this game too! Plus, student loans go away with time anyway.

 

[rbV5]

Don't expect to see taxes paid then! I can play this game too! Plus, student loans go away with time anyway.

True, after 25 years on a repayment plan schedule or 10 years of full time employment in pubic service. Easy.

 

[JackBurton]

Don't expect to see taxes paid then! I can play this game too! Plus, student loans go away with time anyway.

Dude, that debt ain't going away. You don't want to pay taxes, well, they'll just take it then. If you earn money, they'll take it. You're going to pay back that debt, whether you like it or not. The other stuff will most likely get dismissed. But your student loan, yeah, you'll pay for that one way or another.

 

[EagleKeeper]

Good luck discharing your student debt.

Yeah, your stuck with that.

Hey, they either get rid of it, or I don't pay. Either way, I don't pay. I got no money!

That debt will sit around your neck until you die.

Do not expect to see Federal tax refunds until paid off.
Once the student loans go into default; other sources of Federal money may also dry up.

Don't expect to see taxes paid then! I can play this game too! Plus, student loans go away with time anyway.

You do plan on working for a living?

Expect to have to change jobs every 6-12 months. Uncle will see the income coming in after a quarter has passed and your employer reports earnings to SS. Uncle will then setup a garnishment.

Up to you to file Federal and state taxes.
If you owe taxes; then that will just compound the issue by you not filing - no statue of limitations on that.

All your income will have to be under the table or unreported. Figure on living outside the country to earn a decent living

No tax refunds from Federal or state. Those will get grabbed.

Student loans will not go away if backed by the Feds.

 

[ThePresence]

pubic service.

Not exactly sure what that is, but it sounds gross.

 

[ThePresence]

HAHA!
Contrary to what all these "Ballers" may say, I would put the average ATOTers monthly income at around $575.00 a month, including allowance and Student loans.
A lawyer would cost you more than that.
:biggrin:

I don't see how anyone can survive on that in today's day and age. Mortgage, utilities, car, family expenses... It's not nearly possible.

 

[Golgatha]

They'll wait for ya to get some.

Ok, this is highly unethical and probably illegal, so I'm just throwing this out there as a "what if". That said, I wonder if it's possible to max out cash advances on your credit cards to pay off some or all of your student loans before declaring bankruptcy?

 

[EagleKeeper]

Ok, this is highly unethical and probably illegal, so I'm just throwing this out there as a "what if". That said, I wonder if it's possible to max out cash advances on your credit cards to pay off some or all of your student loans before declaring bankruptcy?

If there is a obvious paper trail; the BK judge would not allow the CC debts to be cleared

 

[alkemyst]

I have no experience in this, but I heard that credit companies look at all Chapters the same, so you might as well do the full blown Chapter 7.
If you are going to file, you might as well take a vacation first.

Not at all and if you do make big expenses ahead of bankruptcy they can exclude those charges from it.

It's very hard to do a Chapter 7 with today's laws unless you have business debt.

With Chapter 13 they will set you up on painful payment plans.

 

[rudder]

Hey, they either get rid of it, or I don't pay. Either way, I don't pay. I got no money!

Call your student loan servicer. You can get on a reduced payment plan or possibly get hardship case and put off payments for a little while. Student loans won't discharge in bankruptcy court. But they don't have to drag you down. You don't want to go into default on student loans.

 

[rbV5]

Not exactly sure what that is, but it sounds gross.

Exactly as you imagine

 

[alkemyst]

HAHA!
Contrary to what all these "Ballers" may say, I would put the average ATOTers monthly income at around $575.00 a month, including allowance and Student loans.
A lawyer would cost you more than that.
:biggrin:

OP, sorry I have no advice for you.

$575 a month? seriously? I made over double that part-time 20+ years ago.

 

[OOBradm]

I don't see how anyone can survive on that in today's day and age. Mortgage, utilities, car, family expenses... It's not nearly possible.

 

[Mike Gayner]

$575 a month? seriously? I made over double that part-time 20+ years ago.

How did I know Alkemyst would bite on that?