Filling for Bankruptcy

I have the intention on filling for bankruptcy within a year and a half. My debt is not that outstanding but by the time a year and a half comes it will be. I like many other youth within my cohort will be graduating from college facing the world in a bad economy with a scarcity of jobs, lugging along tens of thousands in credit card debt and student loan debt. Hence begins the cycle of slavery in which they will work towards their financial freedom for the next X number of years or until death. My strategy to beat this system is to file for bankruptcy and move to Toronto, Canada with my newly acquired American graduate degree and zeal to succeed. The 7 year mark of no credit will not effect me unless God Forbid I have to return to live in the states. I'm throwing the idea out there for some feedback.

 

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Here's a suggestion...stop spending money on things that you can't afford or have the money for right now. If you lived within a BUDGET, you wouldn't be in the mess you are in today. Your creditors will be willing to renegotiate what you owe them and make a better pay back plan as well as reduced interest if you just talk with them. Whatever you do, don't file for bankruptcy if you can help it. Get a sebit card to use instead of a credit card as soon as you can. put away those credit cards and never use them again. Pay them down as fast as you can.

 

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Thanks for the advice but I live only off of cash, and I been this way for years. But in order to pay for college I have to take out loans, theres no other way. And when I'll graduate I'll be in over 60 thousand dollars worth of debt before the interest. Im sorry but I dont want to be a slave to Uncle Sam forever.

 

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There are many types of scholarships and grants that you could have recieved if you could qualify for them. Having a job, as I did, helps pay your way through college, as it did for myself. Although it took me a little longer I recieved my degree, 4 year, and owed nothing because I worked and earned my expenses.

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Bummer for you. Since the changes in the law, plus you indicate its the government you owe, you should start making other plans.

http://www.google.com/search?hl=en&q="school loans" and "bankruptcy"&btnG=Google Search&aq=f&oq=

Let me guess. You got a masters in Business Management right?

 

Islamsmylife I hate to burst your bubble...but I say go for it. And when the United States government seizes your assets in whatever country you are living in at the time I want to see the look on your face!

Becuase the money you took/intend to take from the United States government is not forgivable in bankruptcy. Additionally, The United States government has agreements with countries like Canada to enforce debts owed to the government of The United States. What you are doing is akin to stealing. If Islam is your life as you claim, you should have both your hands cut off. Because you are a thief if you do what you plan to do. Millions of Americans are in the same boat as you. And guess what they pay their debts.

You think you are pretty clever...wrong. You are morally bankrupt already!

 

I'm almost positive that you can not file for bankruptcy for student loans. You can apply for forbearance for up to 5 years, but you WILL have to pay the loan back eventually. Also, I read that people who have somehow filed for bankruptcy on their student loans STILL had to have shown that they were in a job and making payments for years and years and then suddenly they had a catastrophe and this was the reason they needed to be relieved of their payment to the student loan officer aka Sally Mae.

We're talking about people who broke their neck and can not move. THAT'S the level of disability you'll need to be in. AND moving to Canada isn't going to help you mate. That's just life.

I have spoken to lawyers about this just to see and have done research and in short, yes, everyone would do what you are suggesting if it were doable. LIfe sucks, but unless you want to go to jail - suck it up mate. Even if you move to Canada you'll still have to pay. That's just the way it is.

The only other thing I have heard, is IF after say a 5 or 10 years of payment you sent in a check that was say, 200 dollars instead of your 350, if they cash this check they are legal bound to now accept 200 per month. Your check is like an agreement and their cashing it means they accept this new contract. (advice from a bankruptcy lawyer). BUT, then you'll lose any other benefits, like lower interest rates. Also, if they choose to take you to court, there's a high likelihood you could lose out.


In short, you ate your meal, now pay for it.

 

Don't move to Canada. Move to a country that does not have an "arrangement" with the US.

 

Also, one more note. 60K isn't chicken feed. They'll easily hunt you down in Canada for that much. I know people 3K in debt that have no house, no job, no bank account and even THEY had to pay. They pressure is unrelenting. Don't even dream about getting out of 60K. You'll do hard time in prison for that mate, or worse, lose everything and still have to pay.

There is no viable way to bankrupt a gov loan except yes maybe (and by maybe I mean also maybe not) is IF you break your back and are paralyzed from the neck down and have to feed from a straw and have 24 hour a day care. Then MAYBE (but maybe not) you can be relieved of some of your gov debt. Perhaps they'll let you get out of the paying the interest? Or maybe not?


THAT said, don't lose hope! The USD is going to crash and burn - at that time. Pay as much as you can and inflation will make your payments seem like a cake walk!! Probably 400/month payment will be like the price of a Big Mac

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OR, the other future scenario is you WILL be Uncle SAMs slave and it wouldn't matter if you moved to Mexico, Brazil, India ... you will pay.

 

I cannot understand a country where they don't give you education or healthcare without squeezing your blood and pay 700 billion to rich fat cats.

 

Anyway, you don't want to live your life on the run as a criminal. Yeah, you can move to Vietnam and try to change you identity. But, you get picked up in 10 years a boarder on a passport and *boom* you're screwed.

Then, who knows, Vietnam signs an agreement that if they have any debtors in Vietnam they happily sent them on the next plane to the USA.

That's no way to live your life.

So, one last time, get any idea of getting out of your debt out of your head. You do not want to live life as a felon. Also, again, you're coming out with debt at a good time. Maybe you can get forbearance on some of it and inflation will sound turn your 60K into 20K. Which is a two years work tops. So no big deal VERSUS life a fugitive and then prison.

 

Yeah, I kind of agree.

But, that's what the majority of Americans want... or so they think they want.

The Freedom to be left alone to die in the gutter - the American way.

 

Can anyone see the irony of pursuing a student for 60k for getting an education which will help him to better serve society and throwing away money in speculations to millionaires who will send it out of the country?

 

The reason college tuition is so expensive to begin with is, ironically, because of easy access to student loans from the government, just like how easy access to mortgages caused a huge bubble in housing prices. There used to be a day when you could pay through college on your own without getting into a lick of debt by working part time and during the summer.

 

SAM there are two debates here. One the issue of paying ones debts. Two the issue of government funded education. One is a personal issue and one is a public policy issue. I think you are in agreement that one should not defraud others as it what the original poster is proposing. He knew the score when he took the money. He should not get off scott free when millions of Americans pay for their own education. If he wanted publicly funded education, then he should have gone to a country that offers such funding.

 

Completely agree with you here joe.

 

The loans were easier to get, then, and there were lots of grants. The grants paid a lot more of the cost.

The other big difference was, wages were high for summer work.

I did that. There is no way I could do it now. Wages are less than half what they were then, in real dollars, and the grants don't cover.

I thought the recent bankruptcy reform was very interesting - specifically including mortgage and education loans among those newly difficult to escape. A cynical person might almost believe those guys could see the crunch coming, no?

 

I'm talking no loans at all, and agreed on the wages.

I expect the everyday person to get, both intentionally and unintentionally, fucked by the government, does that make me a cynic or a realist? (I'd like to read in more detail about the reforms, do you have a quick link handy? If not, don't worry. I'll spend some time googling later)

 

I'm against the millionaires getting this f*cking bailout - God damn that pisses me off.

As for schooling, yeah, that sucks we have to pay and I'm in deep as well - which is why I understand it's not possible. Even if you were to try to use a trick, you'll get caught and you'll do time in prison OR be more of a slave than before.

CA used to (maybe still does) have free Uni. So, really, it's up to the people in the State. Sadly most people in the States don't value education.