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re: Spinoff: should school debt be dischargeable through bankruptcy?
Posted on 12/22/15 at 3:13 pm to NYNolaguy1
Posted on 12/22/15 at 3:13 pm to NYNolaguy1
quote:
house loans
In Chapter 7 bankruptcy, also called liquidation bankruptcy, the debtor's non-exempt assets are sold by a court-appointed trustee to pay the debtor's creditors. State and federal laws provide exemptions for some property, including some of a debtor's home equity. If the debtor has more equity in his home than is allowed by the applicable exemption, his home may be sold to pay his mortgage and other debts. If he does not have much equity in his home, he may be able to keep it even while some of his other assets are sold, but he would still be responsible for the mortgage. If he retains the home, he cannot discharge the mortgage.
0
Posted on 12/22/15 at 3:14 pm to The Sad Banana
Is this the millennial way of saying "I'm not going to get SS in the future so I want my share now in the form of a free education"?
Posted on 12/22/15 at 3:16 pm to NYNolaguy1
quote:At this point I'm starting to say F the government. They give out all this "aid" to foreign countries and have a ton of wasteful entitlement programs here, but I have to struggle like the rest of the hard working, dwindling middle class. F them, forgive my student loan debt.
The only people that would lose money by them defaulting is the federal government.
Posted on 12/22/15 at 3:19 pm to VABuckeye
quote:
Is this the millennial way of saying "I'm not going to get SS in the future so I want my share now in the form of a free education"?
It's part of the entitlement attitude that spans multiple generations. frickers think they "deserve" something.
Posted on 12/22/15 at 3:21 pm to NYNolaguy1
quote:
All debt should be the same. No reason why student loans can't be discharged while credit card, car loans, house loans, etc can be
No reason?
How about the fact that the rates given are artificially low as a result of there being this law. Or, how about the availability of student loans at all becoming basically nil without the law's existence.
Car loans, house loans have built in collateral. Student Loans? Nope.
Have you really thought this through?
Posted on 12/22/15 at 3:21 pm to MontyFranklyn
quote:
F them, forgive my student loan debt.
Screw you, some of us actually pay for tuition. You don't get to stand there with your hand out and get it for free. fricking society of panhandlers.
Posted on 12/22/15 at 3:22 pm to Bucktail1
quote:
No debt should be written off by bankruptcy. You buy it, you pay for it.
The Framers of the Constitution disagree with you.
To the OP, yes.
Posted on 12/22/15 at 3:25 pm to Epic Cajun
quote:I don't but everyone else does? We can give food stamps and other welfare to every pos that doesn't want to contribute to society, but we can't send hard working, deserving kids to school for free? So trying to better yourself and contribute to society is worse than having babies, smoking weed all day, popping pills and sitting on your arse.
Screw you, some of us actually pay for tuition. You don't get to stand there with your hand out and get it for free. fricking society of panhandlers.
Posted on 12/22/15 at 3:27 pm to MSMHater
quote:
If they allowed you to discharge that debt with bankruptcy, that means they lose money on their "investment". And that ain't happening. The are going to collect their debt. So no discharge for you as long as the feds remain in the market.
It may be happening. Oct '15 article
This post was edited on 12/22/15 at 3:30 pm
Posted on 12/22/15 at 3:27 pm to nawlinsbrah
There are a lot of people retiring with student debt...retiring in their old age with student debt after never missing a payment or being late...it happens more and more all of the time.
This is a true prison scam that people get into w/o realizing it.
Should it be forgiven then? What if they really can't pay it...are they still gonna take their Social Security?
Sounds pretty fricked up to me!
This is a true prison scam that people get into w/o realizing it.
Should it be forgiven then? What if they really can't pay it...are they still gonna take their Social Security?
Sounds pretty fricked up to me!
Posted on 12/22/15 at 3:29 pm to MontyFranklyn
Two wrongs don't make a right.
I want less wasteful government spending, not more.
If I take out a mortgage on a house, do I get to keep it if I stop making payments? Why should you get to take out a loan for schooling, and get no repercussions if you choose not to pay it. It's practically stealing from the government.
I want less wasteful government spending, not more.
If I take out a mortgage on a house, do I get to keep it if I stop making payments? Why should you get to take out a loan for schooling, and get no repercussions if you choose not to pay it. It's practically stealing from the government.
Posted on 12/22/15 at 3:31 pm to nawlinsbrah
Thanks for the link. Interesting.
quote:
For the government, the stakes are about as high. If bankruptcy becomes a real option for people with student loans, the Education Department will have to contend with the reality that a good chunk of the $1 trillion-plus in outstanding debt is not ever going to be recovered. That may prompt some questions about the viability of the loan program in general from the people who pay for it: the taxpayers.
Posted on 12/22/15 at 3:32 pm to Epic Cajun
You don't get to keep a house if you stop making payments. It would get foreclosed.
If you declare bankruptcy and do not have a lot of equity, you usually can keep the house but you have to keep making payments.
If you declare bankruptcy and do not have a lot of equity, you usually can keep the house but you have to keep making payments.
Posted on 12/22/15 at 3:32 pm to Epic Cajun
quote:
If I take out a mortgage on a house, do I get to keep it if I stop making payments? Why should you get to take out a loan for schooling, and get no repercussions if you choose not to pay it. It's practically stealing from the government.
That's why I think loans shouldn't be "forgiven" but actually discharged through personal bankruptcy. This puts a stain on the person who discharges and punishes her when she, for example, attempts take a mortgage out (no credit). I'm telling you people, this student loan stuff is getting so large, we will all eat it if something is not done.
This post was edited on 12/22/15 at 3:33 pm
Posted on 12/22/15 at 3:32 pm to MSMHater
I'd be for disallowing student loans, before allowing bankruptcy on them.
Posted on 12/22/15 at 3:34 pm to Epic Cajun
quote:
I'd be for disallowing student loans, before allowing bankruptcy on them.
While I agree with you, that's impracticable, as no policymaker would go along with that.
Posted on 12/22/15 at 3:36 pm to Flame Salamander
quote:
This is a true prison scam that people get into w/o realizing it
I think people are conditioned now to believe college is a requirement and expected of everyone, which was about the worst think we could have done. The perceived value of an undergrad degree has gotten us to this point, and we still seem to be on that narrative. College costs won't decrease until we have a change in attitude about it usefulness. And considering the government's near takeover of the entire loan industry (
), I don't think they have any interest decreasing college enrollment.Posted on 12/22/15 at 3:39 pm to MontyFranklyn
quote:
we can't send hard working, deserving kids to school for free?
Another utopian rainbow idea from millennials....
Watch this painful video if you can bare to watch it all
LINK
Posted on 12/22/15 at 3:43 pm to MontyFranklyn
quote:
we can't send hard working, deserving kids to school for free?
If you are hard working and deserving, you should have scholarships and essentially go to college for free anyway. It's what my wife and I both did for undergrad. Grad school came out of pocket for me, and is currently coming out of pocket for my wife's professional school, too.
Posted on 12/22/15 at 3:44 pm to NYNolaguy1
Education debt was dischargeable through bankruptcy for many many years. It was being abused by doctors and attorneys who would rack 6 figures of loan debt and never pay a penny while making well into 6 figures annually.
in 1976 it changed to where you had to wait 5 years before discharging student loan debt.
The Bush jr. administration was in office when the Bankruptcy Code was changed to make student loans a life sentence.
Guess what generation was behind the whole charade of running up debt, not paying it, then changing the laws to benefit them while being behing the astronomical rise in the cost of education, developing for profit degree mills that took advantage of loan programs, while heaping massive debt on young adults.
fricking baby boomers.
in 1976 it changed to where you had to wait 5 years before discharging student loan debt.
The Bush jr. administration was in office when the Bankruptcy Code was changed to make student loans a life sentence.
Guess what generation was behind the whole charade of running up debt, not paying it, then changing the laws to benefit them while being behing the astronomical rise in the cost of education, developing for profit degree mills that took advantage of loan programs, while heaping massive debt on young adults.
fricking baby boomers.
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