Author Topic: Waiting For Bankruptcy Reform?  (Read 1266 times)

0 Members and 1 Guest are viewing this topic.

Bruno the JDB Killer

  • Valued Member
  • Posts: 13326
Re: Waiting For Bankruptcy Reform?
« Reply #15 on: March 19, 2017 09:54:33 PM »
What's the trap?
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

kevinmanheim

  • Valued Member
  • Posts: 11319
Re: Waiting For Bankruptcy Reform?
« Reply #16 on: March 19, 2017 10:32:34 PM »
“There are two ways to conquer and enslave a country. One is by the sword. The other is by debt.”
 – John Adams

Kids are willingly trading their future freedom for spring break vacation money today.

That won't end well.

Clydesmom66

  • Valued Member
  • Posts: 1773
Re: Waiting For Bankruptcy Reform?
« Reply #17 on: March 19, 2017 10:55:45 PM »
Kids are willingly trading their future freedom for spring break vacation money today.

All because their idiot parents raised them to believe they are ENTITLED to a lifestyle instead of teaching them that EARNING what they get is the best way to get and appreciate those gains and satisfy your needs and wants. 
Be VERY careful following advice from the internet! What worked for someone with thousands of posts on a message board may not work for YOU in your state.  Consult a lawyer when ever possible.

flaccito

  • Valued Member
  • Posts: 26
Re: Waiting For Bankruptcy Reform?
« Reply #18 on: March 20, 2017 04:28:49 AM »
Quote from: Bruno the JDB Killer
What's the trap?

I don't think it's a "trap" in the conventional sense, the main problem is kids are spoon-fed from an early age all this assorted non-sense about "you MUST go to college no matter what or you'll end up as a loser" and "student loans are good debt", among other falsehoods.

Operating under all this misinformation and all those out-dated falsehoods, these kids are ill-prepared to make a rational decision at the tender age of 17/18. Now, there ARE those kids out there who do spend their college years irresponsibly/blow their money on partying etc, and I'm not excusing them. I'm just talking about the "average" 17/18 year old that is heading into the conveyer belt for the first time.

I predict we'll see even more student loan debtors "showing up" on DB over the next few years. It's getting ugly, I recently read that student loans are now only behind mortgages in terms of size and scope.

« Last Edit: March 20, 2017 04:39:09 AM by flaccito »

Bruno the JDB Killer

  • Valued Member
  • Posts: 13326
Re: Waiting For Bankruptcy Reform?
« Reply #19 on: March 20, 2017 01:12:38 PM »
I never thought the government should be financing college anyway. If banks are that stupid, that's their problem. Maybe the colleges should be financing it themselves, like Yale with their 40 million dollar endowment fund.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

trueq

  • Valued Member
  • Posts: 5224
Re: Waiting For Bankruptcy Reform?
« Reply #20 on: March 20, 2017 03:12:21 PM »
Yale's endowment is 26 BILLION.

My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

myachips

  • Valued Member
  • Posts: 64
Re: Waiting For Bankruptcy Reform?
« Reply #21 on: March 20, 2017 05:14:34 PM »
What I have been hearing about student loans is that if you do end up filing for BK at the same time you must also request an adversary hearing procedure to also include your student loans
I read about this legal stuff while staying at a Holiday Inn

flaccito

  • Valued Member
  • Posts: 26
Re: Waiting For Bankruptcy Reform?
« Reply #22 on: March 20, 2017 08:14:38 PM »
Quote from: Bruno the JDB Killer
I never thought the government should be financing college anyway. If banks are that stupid, that's their problem. Maybe the colleges should be financing it themselves, like Yale with their 40 million dollar endowment fund.

I tend to agree with this approach, it accomplishes three things:

1) Shifts some of the "risk" to the university/school, so the university/school has an incentive to help their grads get their foot in the door, currently most schools have NO incentive like that and are in a "risk free" position with all that government-guaranteed money. The average college these days views new students as "free government money" and doesn't really care whether they even find gainful employment.

2) Would DRASTICALLY cut-down on the number of "fluff" and "worthless" degrees such as Liberal Arts and Women's Studies. Would simultaneously promote actual "marketable" or in-demand degree programs. If the college has it's own money at stake, it's not going to be offering so many useless degree programs, simple as that.

3) No more enrollment of "anyone with a pulse" due to government-guaranteed loans. With it's own money at stake, the college would HAVE to be more selective of which students it takes in by default. Taking in low-IQs and random people off the street would suddenly be risky for the college from a financial standpoint. Currently enrolling "anyone off the street" is very profitable for colleges due to student loans.
« Last Edit: March 20, 2017 08:23:33 PM by flaccito »

Bruno the JDB Killer

  • Valued Member
  • Posts: 13326
Re: Waiting For Bankruptcy Reform?
« Reply #23 on: March 20, 2017 08:28:10 PM »
I would not classify any degree as worthless. It may not lead to a good paying job, but that is the responsibility of the student to discern before enrolling. I always thought a degree in History was pretty much useless; the only jobs available seem to be teaching history. However, that is up to the student. I never worked a day in my major, but my minor has resulted in my ability to have 45 novels on Amazon. Am I getting rich? Nope. But I really enjoy writing.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

jacko

  • Valued Member
  • Posts: 46
Re: Waiting For Bankruptcy Reform?
« Reply #24 on: March 21, 2017 01:59:18 AM »
It estimated that the $454 billion in student loans the government disbursed from 2007 to 2012 will generate about $66 billion in "subsidy income" -- or what (Senator)Warren calls profit.

The bubble is going to burst at some point. There is over $1.3 trillion in student loan debt which is an amount that far exceeds credit card and auto debt. A recent Wall Street Journal article reported that some 40% of people are not paying back their loans.

jacko

  • Valued Member
  • Posts: 46
Re: Waiting For Bankruptcy Reform?
« Reply #25 on: March 21, 2017 02:02:46 AM »
Continuously file Chapter 13 if you only have student loan debt.  Lots do.

If the student loan debt is say, under $50k, it should be survivable. It will still take a long time to escape, but it's at least doable.

Unfortunately, if the debt is over say, $100k or into the multiple 6-figures, it's unlikely it'll ever get paid off. Personally if I was one of these hapless kids who is fresh out of school with a worthless degree and $150-$200k or more in student loan debt I would SERIOUSLY consider just up and leaving the country. That's the only practical solution it seems, because with a worthless degree you will quite frankly NEVER pay off 6-figures student loans, it's simply impossible with the low-paying jobs out there (for worthless degrees and unskilleds).

Of course, there's no LEGAL way out, so starting over completely in another country would start to look like a rather attractive option.

jacko

  • Valued Member
  • Posts: 46
Re: Waiting For Bankruptcy Reform?
« Reply #26 on: March 21, 2017 02:08:34 AM »
If you major in these so called 'worthless degrees' at the Ivy league schools is a ticket to Wall Street.  If I was hiring for a business would hire the 'worthless' degree holders over narrow minded business majors.

I tend to agree with this approach, it accomplishes three things:

1) Shifts some of the "risk" to the university/school, so the university/school has an incentive to help their grads get their foot in the door, currently most schools have NO incentive like that and are in a "risk free" position with all that government-guaranteed money. The average college these days views new students as "free government money" and doesn't really care whether they even find gainful employment.

2) Would DRASTICALLY cut-down on the number of "fluff" and "worthless" degrees such as Liberal Arts and Women's Studies. Would simultaneously promote actual "marketable" or in-demand degree programs. If the college has it's own money at stake, it's not going to be offering so many useless degree programs, simple as that.

3) No more enrollment of "anyone with a pulse" due to government-guaranteed loans. With it's own money at stake, the college would HAVE to be more selective of which students it takes in by default. Taking in low-IQs and random people off the street would suddenly be risky for the college from a financial standpoint. Currently enrolling "anyone off the street" is very profitable for colleges due to student loans.