declaring bankruptcy?

[Printer Bandit]

I DECLARE BANKRUPTCY!!!!!!

/Michael Scott

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

 

[Corporate Thug]

is it possible to delay the payment forever by keep signing up college courses?

Who the hell wants to go to school until they die?

 

[alkemyst]

One of the reasons school loans became non-dischargable is because everyone was doing that.

IMHO our bankruptcy laws are fuxored now. I had more than my annual income in debt due to a divorce and going back to college at 30. My first seven years I did on savings, working some summers, and about $7000 in loans. My last two years cost a little over $30k in loans even after selling off my new car to buy another car cash.

At best I'd be looking at a Chapter 13 and going on a 5 year repayment plan. My home would not have been included and that was where the biggest issue was and since the time I thought about it, my home value has plunged another $40k to $96,000 on a $265,000 loan. I owe almost 3x my homes value.

In times past, I'd have been the perfect candidate to file Chapter 7 and start over. This is part of being in a capitalistic society. However, lawyers got greedy and began coaching their clients to maximize their pending filing...soon there were how-to's online even (mostly at BBS's then).

They crippled the laws.

I don't know what I am going to do about my house, but by next October I will have paid off a total of about $50k in debt in two years. All that will be left is this house which I am going to be stuck with more than likely for a long time and about $25k in student loans at 3.25%. I plan to knock those out shortly after.

 

[alkemyst]

is it possible to delay the payment forever by keep signing up college courses?

AFAIK yes, but you'd need to stay at full-time status more than likely.

Also your school could interfere in many cases should the financial aide department feel you were milking the system.

I think there is a limit in place now for government subsidized loans, so you'd be subsidizing them yourself either by paying the interest each month or recapitalizing it. Doing the latter builds the loan up fast though.

 

[Synomenon]

I don't mind telling you up that your situation makes me feel better about my 55k in student loans.

Same here w/ my 80k in student loans.

 

[alkemyst]

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

It's about $60k actually on average for a student to complete one year. The $40k is just the full-time credit hour cost. Books, etc are all on top of that.

 

[Born2bwire]

I'm not sure who is the dumbest troll on AT, MJinZ or Sandeagle.

Tough call

What about Phineas? LOL at Bob Jones University.

 

[AdamK47]

Aren't you only in Grad School? $200k? Fail.

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

It's a pretty weak system.

My 2 year private college education has served me well. Didn't need 200k for it.

 

[schneiderguy]

It's a pretty weak system.

Compared to yours it sure is

 

[alkemyst]

Yes, except it's true. Well, I suppose I may actually be more advanced than Einstein.

in reality usually those with the highest grades actually have mediocre IQ's.

Einstein like invented tons of proofs and shit.

You have just invented shit and there's tons of proof.

 

[Born2bwire]

in reality usually those with the highest grades actually have mediocre IQ's.

Einstein like invented tons of proofs and shit.

You have just invented shit and there's tons of proof.

..... :hmm:

Ok alkemyst... you win this round.

/golf clap

 

[moshquerade]

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

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

Thought it as soon as I read the thread title.... started reading posts to find yours. :thumbsup:

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

 

[Bignate603]

in reality usually those with the highest grades actually have mediocre IQ's.

Einstein like invented tons of proofs and shit.

You have just invented shit and there's tons of proof.

Ha, well put.

 

[ebaycj]

Yes, except it's true. Well, I suppose I may actually be more advanced than Einstein.

You should tone down that ego a bit, though. It's not healthy.

 

[JTsyo]

60&#37; of your gross income? Don't most people only take home about 65-70% of their income after deductions?

 

[IceBergSLiM]

fake your death and flee the country.

 

[edro]

This troll didn't even go to college.

 

[Gibson486]

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

any private school in Boston is 40K outright. That does not include room and board.

 

[SandEagle]

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.

intriguing. I'd like to subscribe to your newsletter

 

[Gibson486]

(1) Student Loans are rarely dischargable
(2) if it's not a private loan, look into IBR payment plan. I have nearly 130k in loans, and my payment is less than $500/mo.

Does IBR do private loans? It's where most of the problem is. The private college loan business has been "holy shit" in the past years. They just look at your credit score and that is it. They do not look at what your current debt situation is. You think most college students are smart enough to say no to money?

 

[Gibson486]

in reality usually those with the highest grades actually have mediocre IQ's.

Einstein like invented tons of proofs and shit.

You have just invented shit and there's tons of proof.

LOL...I do not like Alkemyst's post usually, but I give an A+ to that response.

 

[Gibson486]

intriguing. I'd like to subscribe to your newsletter

LOL.....it's a trick that has been done for a few years now. You put your loans against the equity of a house or your put your loans on credit cards.

 

[FelixDeCat]

I believe the OP who says he racked up 200k in debt. I have a relative who I tried (begged) to convince not to get involved with student loans. She wanted to be in nursing but was smoking weed, so I knew she was just a dreamer. She didnt have the dedication to make that kind of commitment because she was more dedicated to just getting high. She was like most women - extremely stubborn. Sure enough she blew $100,000 paying off her car loan, loaning money to friends and relatives who never paid her back, new clothes and so forth. She quit after 3 months, the car was totalled (she didnt have full coverage) and everything else is gone including her fast friends.

Now here she is several years later, owing who knows how much in back interest, late payments, etc, well into the six figures and has been working at Hooters ever since. I told her and warned her and begged her, but damnit she did it anyway.

Weed and student loans = fail :|

 

[IndyColtsFan]

Now here she is several years later, owing who knows how much in back interest, late payments, etc, well into the six figures and has been working at Hooters ever since. I told her and warned her and begged her, but damnit she did it anyway.

Weed and student loans = fail :|

Pics?

 

[FelixDeCat]

Pics?

There are tons, and she loves posing in bathing suits on the beach. But she is my niece and they wont be posted here. :'(