declaring bankruptcy?

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MrMatt

MrMatt

Banned
Mar 3, 2009
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I have a shit-ton of student loans, nearly 200K worth, and will be absolutely slaughtered by debt for the next 15 years+ f I pay them off at the bare minimum, which would actually take more than 60% of my gross pay per month. It seems to me that the smart thing to do is declare bankruptcy. My question is this: If someone were to do this, will they take things like my car (it's like 8 years old)?
 
guyver01

guyver01

Lifer
Sep 25, 2000
22,135
5
61
http://www.moranlaw.net/answerstudentloans.htm

(hehe.. i love this site... MORAN law)

Student loans are no longer dischargeable in any chapter of bankruptcy unless you can prove that repaying the loan creates an undue hardship on you or your family. Prior law allowed their discharge once they had been in pay status for 7 years. The law changed in the fall of 1998.

Proving hardship usually requires showing that you can't provide a minimum standard of living for yourself and your dependents if you have to repay the loan. Some courts will discharge part of the loan on a showing that repaying it all would be a hardship.

Student loans are sometimes unenforceable due to school closures, fraud, etc. Chapter 13 can provide a way to cure defaults on student loans, or to pay them off over the course of the plan.
 
preslove

preslove

Lifer
Sep 10, 2003
16,754
64
91
You should have put that shit on credit cards. You can't get rid of student loan debt through bankruptcy. You can only default.

Prepare to get flamed into hell.

*lawnchair, beer, sunshade*
 
yh125d

yh125d

Diamond Member
Dec 23, 2006
6,886
0
76
You didn't think about this before you took out a shit-ton of school loans? You realize the idea of loans is to pay them back according to your agreement, not rack up so much til you can't pay it and then declare bankruptcy and give the finger to whomever you loaned from? People like you are a large part (if not all) of the cause of the whole mortgage business no?



If you go through with it, good luck living with that kite-runner shame for the rest of your life





Also, what the hell kind of school got you stuck with 200k of loans? Or did you take like 8 years for a degree
 
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MagnusTheBrewer

MagnusTheBrewer

IN MEMORIAM
Jun 19, 2004
24,122
1,594
126
Declaring bankruptcy won't rid you of the student loan debt as guyver01 pointed out. Try and work out a plan with the lender because otherwise your credit will be rock bottom for the rest of your life. Not to mention, you can forget about getting a tax return until the debt is paid off.
 
Fritzo

Fritzo

Lifer
Jan 3, 2001
41,920
2,161
126
How the hell do you get nearly a quarter of a million dollars in student loans??? Were you going to Harvard or something???
 
Bignate603

Bignate603

Lifer
Sep 5, 2000
13,897
1
0
Engineer said:
You borrowed it, you should pay it.
Click to expand...

Exactly. You chose to borrow that amount of money, no one forced you to. If you were stupid enough to take out ridiculous amount of loans that you can't repay you're just going to have to live with it. Other people shouldn't have to share the cost of your poor choice.
 
Capt Caveman

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Aren't you only in Grad School? $200k? Fail.

Nice computer system in your sig. You're a very responsible person.
 
IronWing

IronWing

No Lifer
Jul 20, 2001
72,333
32,876
136
You're screwed. Ignore the haters, they'll bring you down even more. But you are screwed.
 
IronWing

IronWing

No Lifer
Jul 20, 2001
72,333
32,876
136
Today's students are getting reamed. Back in the day, state legislatures supported their state schools which helped keep tuition low. University administrators were kept on a leash which helped keep tuition low. Universities didn't use to cut sweetheart deals to steer students toward specific lenders, knowing these lenders might cost more than others. The feds used to provide grants in addition to loans. Now the students are just screwed with anti-education, anti-intellectual legislatures gutting state support of higher education, spendthrift university administrators lining their own pockets, and drastically reduced federal grant offerings.
 
RocksteadyDotNet

RocksteadyDotNet

Diamond Member
Jul 29, 2008
3,152
1
0
MrMatt said:
I have a shit-ton of student loans, nearly 200K worth, and will be absolutely slaughtered by debt for the next 15 years+ f I pay them off at the bare minimum, which would actually take more than 60% of my gross pay per month. It seems to me that the smart thing to do is declare bankruptcy. My question is this: If someone were to do this, will they take things like my car (it's like 8 years old)?
Click to expand...

People like you are what's wrong with America.
 
MrMatt

MrMatt

Banned
Mar 3, 2009
3,905
7
0
Fritzo said:
How the hell do you get nearly a quarter of a million dollars in student loans??? Were you going to Harvard or something???
Click to expand...

close.


and I was 18-21 when most of them were taken out. Long story. I have no chance of paying them off.


I guess defaulting on them would be a better idea than declaring BK
 
M

mizzou

Diamond Member
Jan 2, 2008
9,734
54
91
this is specifically why I did not entertain law school, at least in my area, I would have racked in 50k-100k in student loan debt, not even counting the few years of me being totally unemployed which is a further hit.

Fuck man, you are screwed for life man,but if you get a job enjoying doing what you are doing, then maybe it will be worth it. After all, I'm sure you didn't take out tha tmuch in loans thinking you would be rich at the end



WTF is interest on a 200k loan?
 
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