Talk about a dead beat

https://www.yahoo.com/finance/news/...-in-bankruptcy-kevin-rosenberg-190151284.html

 

Dammit. I saw the thread title and thought that it was a honeypot to move the Pensacola Wars over here.

 

Fuck him!

 

Well, the judge just cut off Bernie's legs. 1.6 T in student debt has been forgiven.

Big win for the university complex.

Big win for those who were once called "borrowers".

Bad news for anybody who is not involved in the scam.

 

So what's the likely result if student loans are allowed to be wiped out? In the future the only way to get a loan will be to secure it through collateral. That will be a bad result for those with no house or fairly rich parents. Of course I'm ignoring Uncle Sam (that means you and me). Silly me for and my kids for paying for our educations.

 

If student loans get more difficult to obtain, as they should, it will bring college tuition back down to more realistic levels. Maybe even eventually to where they should be. The free loans for everyone bullshit is what caused college tuition to explode.

 

That and public schools jamming it into kids brains that they all have to go to college

 

ALL loans should be dischargable. I am against bankruptcy and while it is not an unforgivable thing it certainly would effect whether I do business or hire you (waiting for Trump comments ). Debtor prisons were a problem as were company store nonsense that we need to protect against. Like other laws better ten go free than one be wrongly imprisoned. Also unlike IRS stuff this is not confiscated by law.

This is not about student loans IMO but debt law in general.

 

No

Whoever loans the money needs to have something that can change possession back to the lender. Then bankruptcy is somewhat ok

If not .....everyone will file bankruptcy

 

I've always liked this...

 

My had an auto parts store. Two garages declared bankruptcy and stiffed us (one in a VERY sleazy way). Do you think we got any money or parts back? Part of being a lender is assessing risk. Sometimes you are wrong. Why should the government be allowed to make crappy loans and then put people in lifetime debt with no recourse?

 

If bankruptcy protection is available to businesses then it should be available, and utilized just as readily, to individuals.

 

Kids sign paperwork for these loans. They see the numbers.

Nobody holds a gun to their head.

The interest rates are good and so are the taxes in April

 

Because the borrower asked for it? Because the borrower thought it was a swell idea? Because the borrower promised to pay it back?

 

Shouldn't be available to anyone. It is all a get out of obligation without cost scheme.

 

So no bankruptcy and if you cannot pay it back your creditor can go after you for a lifetime? Look into the history of WHY we have bankruptcy. Like most things it is not perfect but the alternative is worse.

 

Bankruptcy is paid for by those that do pay off their obligations.

 

Alot of personal bankruptcy's are caused by crazy high medical bills.

 

Well, you shouldve thought about the financial consequences before you decided to go out and get cancer.