Posted on 07/10/2009 5:58:17 AM PDT by stan_sipple
Gee, isn't Monica Lewinsky an alumna of Lewis and Clark?
... had amassed $363,218 in student loan principal, interest and collection costs when he filed for bankruptcy in 2005.
It sounds to me as if Jesperson took out loans with no intention of repaying them four all four years of college and both years of law school. We need to put an end to people running up huge debts with the intention of filing bankruptcy.
Have you seen those commercials advertised on MTV during the day showing college students with fistfuls of cash? That's how.
I don't want to diminish personal responsibility but there are many student loan agencies that make it real easy for students to get money. A lot of money. Not only for class but to live quite comfortably while attending school. They take advantage of the students' financial naivety. Of course, these formerly naive students get a real quick lesson in compounding interest when the bill comes due. There's a whole lot of young people out there in the same dire straits as this lawyer. Congress is starting to take notice.
And to be fair, a big chunk of that $360k is in interest and penalties, which add up quick when one hasn't made a single payment towards his student loans in the last four years.
The credit rating companies should really start including info on lawsuits and disputes someone has been involved in. You don't really want to deal with someone with a history of conflict if you can avoid it.
Our founding fathers put bankruptcy protections in place to prevent economic slavery from creditors. The fact that it was our government lent this idiot $360,000 (It's not clear how much the original loan principal was) is a fault of the government's lending practices as much as this idiot.
$48,000 is not an unreasonable salary for most people. It may be low for an attorney, but it seems to me there is a glut of attorneys or maybe just a glut of legal processes.
It's made worse by the fact that he probably has a ridiculous child support obligation. And that child support obligation is made worse by the court's refusals to give Dad's equal time with their kids, simultaneously taking away their kids while increasing the amount of Child Support since they have less time.
If you think income tax is a demotivator, imagine that both the taxman and your ex are going to take their shares of any increases you make, and any increases you make are likely to lock in your payment to your ex at a higher level, because the divorce courts are less understanding than the IRS when your income goes down.
I think
His $360,000 in debt had to have included undergrad costs as well as law school, plus a lot of penalties and interest. He has probably never paid dime one on any of his loans.
The whining little POS obviously believes he is entitled to a free ride. Fortunately, the Eighth Circuit had the guts to slap him in the face and, maybe, just maybe, make a man out him.
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