Posted on 03/21/2022 6:42:00 AM PDT by grundle
Question: I’m an attorney with over $200,000 in federal student loan debt, and I desperately want to file for bankruptcy on these loans. I’m on an income-driven repayment plan and would like my student loans to be forgiven or eliminated, if that option is available to me. Can you please help?
(Excerpt) Read more at marketwatch.com ...
Does this mean that I can default on my mortgage, because, you know, I really, really, really don’t want to pay it anymore.
Buy a home. Then sell it in a few years.
Two very dear friends of mine had massive law school debt. She was a prosecutor, he a private attorney.
So what did they did?
Followed the Dave Ramsey program. Took their kids out of private school, got rid of their expensive leased cars, followed the steps.
Paid off their school debt in 5 years.
We paid off massive credit card debt in one year just by following Dave’s program.
Smart enough to become a lawyer. Stupid enough to get hundreds of thousands in debt and not blink and eye until it’s time to pay the piper.
All you pukes expecting “forgiveness” (taxpayers forced to pay for your idiocy) can pound sand.
Use you lawyer expertise that WE paid for to earn money and avoid bankruptcy. Or go to jail as all thieves do. (I paid off MY student loans! Suck it up).
I’ll pay you $40 a week to mow my lawn?
“Waddya bet he drives a BMW or something equivalent, has the latest iPhone, wears expensive clothes, and golfs with his buddies on the weekends.”
___________________
There are plenty of non-lawyers with just as much student loan debt and expensive cars they cannot afford. I’m not defending lawyers though.
Did anyone notice the bills on the desk?
Better Call Saul!
You are not much of an Attorney if you cant pay your student loan debt.
You might be surprised at how many former lawyers are out there. There were too many for the market and despite all the ambulance chasing, they couldn't make a go of it.
And Top Ramen, futon for a bed, roommates low rent area. work double shifts. bus or bike to work and do not have a kid until debts are paid.
“..1. Cut up the credit cards
2. Beans & rice, rice & beans
3. Sell all the crap
4. Get rid of cable & streaming
5. Snowball the debts - smallest first
6. Live within your means...”
^YHIS^
Yep. Worked for us when we were drowning in financial debt. The good, old Dave Ramsay approach. We stuck to it like glue for several years, but in the end: Totally debt-free, including mortgage. Now that right there is: FREEDOM!!!!
not at all
the increased monies that are available to pay off the debts by paying smaller first, far outweighs the monies owed for the short time at higher interest.
worked well for me.
If I recall from my days you can’t clear federal loans through bankruptcy. Plus they’re a lawyer.
Law school was wasted on this one.
The real question is how much Marketwatch is being paid to peddle propaganda.
“I desperately want to file for bankruptcy”
translation:
“I desperately want someone to pay my debts.”
Four children, high school grads, no college.
All smart and worked hard. Now they are all in great financial shape, own real estate!!!
No student loans.
Pay taxes too!!!!
Everyone forgets, this was essentially a business arrangement. Right or wrong, the Fed, us, co-signed on it ensuring payment. There are many reasons loans are not repaid. Many businesses fail and loans are not fully repaid. There are no assets to seize. Taking the degrees away and further exasperating his situation isn’t much of an answer and would not do the bank or us any good. It would merely amount to punishment.
What many are proposing here is little more than a debtor’s prison, something we thankfully got away from when this country was founded, though we are not too far away from it with federally guaranteed loans. These are the only loans you may not seek relief from via bankruptcy. There are some programs where if you work for the Fed in some crap job they will forgive all or part of your loan, but you still have to pay the debt while working at a far lower rate than another job and if you don’t pay or you miss a payment all that time you did in service means nothing, you owe the full amount.
Also, this system is foisted on young people with little knowledge what they are signing on to. It a vicious system.
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