declaring bankruptcy?

[SSSnail]

So with what money were you trading with?

 

[IndyColtsFan]

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

I'll bite. If you're not trolling and this is the truth, you better damn well have an MD from Harvard or a PhD from MIT for that kind of debt. If not, you exercised INCREDIBLY POOR financial judgment (bordering on outright stupidity) for going that far into debt for a degree that isn't one of the aforementioned degrees.

Don't think defaulting on your student loans will get you out of paying anything, either. The IRS can confiscate your tax refunds and the government can, and will, garnish your wages. See here for the other fun stuff they can do: http://www.nolo.com/legal-encyclopedia/article-29859.html

Seriously, it never occurred to you that you'd have to pay these back and that the amount was getting out of hand? Seriously? Sorry, you took them out, you pay them. As someone else said, people like you are what is wrong with this country and are the very reason student loans are no longer able to be discharged in bankruptcy, because the tax payers were getting stuck paying for people like you.

 

[IndyColtsFan]

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.

And if he is telling the truth, he SHOULD get flamed to hell. I don't know what his degree is in, but if he doesn't have an MD or PhD from an Ivy League School or MIT, he exercised incredibly poor financial judgment.

Defaulting won't save him, either. The government can and will go after things like tax refunds, his wages, and social security benefits. And quite frankly, they should -- why should we have to pay for someone who made such incredibly poor decisions?

 

[rsd]

ATOT you disappoint me, am I really the first one to say:

<Michael Scott> I DECLARE BANKRUPTCY!!!!!!!!!!!! </Michael Scott>

 

[nick1985]

I have that feeling that we are being trolled. Anyone else's trolling senses tingling?

 

[IndyColtsFan]

I have that feeling that we are being trolled. Anyone else's trolling senses tingling?

It is really hard to tell with his posts considering the stuff he was posting in L&R.

 

[nageov3t]

a top ivy league school like Harvard is like 40K/year for undergrad, right?

 

[nickbits]

ATOT you disappoint me, am I really the first one to say:

<Michael Scott> I DECLARE BANKRUPTCY!!!!!!!!!!!! </Michael Scott>

Damn. I was just going to post that.

 

[Engineer]

a top ivy league school like Harvard is like 40K/year for undergrad, right?

Seems like it should be more. A co-worker's son is going to Vanderbilt and it's $58,000 per year (including room and board) per year.

Sounds outrageous to me.

<---- Goes to look up the rates for upper end private schools.

Edit: Vanderbilt is nearly $57,000 per their site...so wow!!!

Edit #2: Harvard seems to be about $60,000 per year including room/board.

 

[amdhunter]

Just don't pay them. Sure your credit will probably be screwed, but who cares anymore. Credit is sorely overrated.

Besides, if you keep paying other things (credit cards) on time, it won't hurt you that bad.

 

[Fingolfin269]

What in the hell? I hope you're a brain surgeon or something and weren't using student loans to buy gaming computers (sig).

 

[Fingolfin269]

Seems like it should be more. A co-worker's son is going to Vanderbilt and it's $58,000 per year (including room and board) per year.

Sounds outrageous to me.

<---- Goes to look up the rates for upper end private schools.

Edit: Vanderbilt is nearly $57,000 per their site...so wow!!!

Edit #2: Harvard seems to be about $60,000 per year including room/board.

Yeah Vandy is retarded expensive and not even worth it unless you're doing certain degrees. I know that's common sense but some people just want to go so they can say they went to Vandy.

 

[MJinZ]

You borrowed it, you should pay it.

This is not the American way. GTFO

 

[MJinZ]

a top ivy league school like Harvard is like 40K/year for undergrad, right?

That was around when I got into school.

/Debt free 3 year honors grad genius on the level of Einstein

 

[Engineer]

Yeah Vandy is retarded expensive and not even worth it unless you're doing certain degrees. I know that's common sense but some people just want to go so they can say they went to Vandy.

Co-workers son received a scholarship. He pays less than $10,000 per year for his son to attend (including room, board, etc) Vandy.

 

[Number1]

WHat did you study for and why aren't you making enough money to repay this. $200K is the price of a modest home. Surely, a highly educated person like you would be able to repay this kind of money in 5 to 10 years.

 

[ultimatebob]

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.

It sounds like MrMatt's only recourse is to fake his own death and assume a new identity.

Hey... it worked for that guy in Mad Men, right? Oh, wait... that's fiction. Sorry dude, you're screwed.

 

[tcsenter]

How in Gods name do you even...wait is your degree in photography?

Prob. Animal Husbandry. $200K education for a $35K year job. Well done.

 

[Bignate603]

Prob. Animal Husbandry. $200K education for a $35K year job. Well done.

You'd be surprised at how many people go to expensive schools to get degrees in fields that either pay extremely little (ie secondary ed) or have so few well paying positions that it's almost impossible to get a job (archeology or art history).

The OP made a poor financial decision and is now trying to spread his poor choice across everyone else. Why should other people that are making responsible choices have to pay for his irresponsible ones? Personally, unless there are extenuating circumstances (massive medical bills, death of one of the wage earners in the family, etc) I believe that declaring bankruptcy or defaulting on loans should result in the confiscation of the vast majority of your salable assets (beyond the basics you need to survive) to pay towards the debt. Got a car? No, now the bank's got one. Got a house or condo? Not anymore, time to start renting an apartment. Big screen TV? That will get sold off too. Why should the person defaulting on the loan keep all the stuff they were able to buy because they were borrowing somebody else's money?

 

[Hacp]

The trick is turn turn the student loan into something that IS dischargable. IE, convert it into a home loan.

Do your parents own a house? If yes, then you may be able to buy the house off of them, have them pay off the student loan on your mortgage and default on the house right away. The bank comes in, sells the house in auction, and you can have your friends pick it up for a fraction of the original price. Obviously, it won't be rid of the whole thing, but a sizable chunk can be taken off with that scheme.

 

[NikolaeVarius]

I just don't get HOW its possible to rack up such debt. If I paid everything that my school charged me through loans, I would have 100k in loans over 4 years.

 

[911paramedic]

http://www.youtube.com/watch?v=HuGIgf-ICHM

 

[Engineer]

The trick is turn turn the student loan into something that IS dischargable. IE, convert it into a home loan.

Do your parents own a house? If yes, then you may be able to buy the house off of them, have them pay off the student loan on your mortgage and default on the house right away. The bank comes in, sells the house in auction, and you can have your friends pick it up for a fraction of the original price. Obviously, it won't be rid of the whole thing, but a sizable chunk can be taken off with that scheme.

So much for personal fucking responsibility. You bitch and whine about government and union workers getting as much as they can for themselves and then go on to tell someone else how to try to play the system and not pay for their debt (i.e. getting as much as possible for themselves). Nice piece of work there. Nice.

 

[Gunslinger08]

1. If you haven't consolidated your loans, do so. It should be much easier to deal with only 1 loan/company and you may be able to get a better rate.
2. Extend your repayment schedule to as long as they'll let you (maybe 30 years).
3. Pay as much as you can each month. If this is less than the minimum payment (probably about $1k for a 30 year loan with a moderate interest rate), call your loan company and tell them. They should try to work with you and lower your minimum payment for a while.
4. You have to realize that your choices in your early adulthood have affected the rest of your life and take responsibility for it. You aren't going to be able to afford much except for the necessities unless you get a better job. Use this as motivation to live within your means and work hard to advance your career.

 

[Engineer]

1. If you haven't consolidated your loans, do so. It should be much easier to deal with only 1 loan/company and you may be able to get a better rate.
2. Extend your repayment schedule to as long as they'll let you (maybe 30 years).
3. Pay as much as you can each month. If this is less than the minimum payment (probably about $1k for a 30 year loan with a moderate interest rate), call your loan company and tell them. They should try to work with you and lower your minimum payment for a while.
4. You have to realize that your choices in your early adulthood have affected the rest of your life and take responsibility for it. You aren't going to be able to afford much except for the necessities unless you get a better job. Use this as motivation to live within your means and work hard to advance your career.

/thread

(nicely stated and right on).