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Bankruptcy is lifesaving
(lemmy.ml)
Student Loans have entered the chat.
And medical debt.
I don't think so, or at least is state dependent, I definitely had medical debt and it was definitely discharged along with all the other debt I had
Yeah medical debt is dischargable, our lawyer asked if we had any surgeries we had been putting off that we might want to get done before we filed.
This is a remarkably dystopian statement lmfao
USA!
USA!
USA!
Guns are easier to get than surgery. Shoot your problems away!
Isn't this some flavour of fraud? Not from the US, so this is all pretty bizarre to me.
Capitalism is a flavor of fraud in and of itself.
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It is all fun and games until the repo man comes to rip those knee replacements out.
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What is student loans?
Money you have to take out for college and then pay back at 10% interest.
I'm sorry is this an I-love-getting-fucked-in-the-ass thing that I'm too Scottish to understand?
Yes.
See, Americans dont have an England to fuck over its citizens, so we have to do it all by ourselves.
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I'm sorry is this an I-love-getting-fucked-in-the-ass thing that I'm not USA enough to understand?
FiFY, now the entire world can use it
[Laughs in English]
Whilst it would be lovely if us Englishmen didn’t have student loans, they could be a whole lot worse. We only pay them once we earn over a certain threshold, and they’ll disappear after 30 years. Plus our unis are funded in large part by international students (which has its own issues), so Brits’ course fees are slightly subsidised.
Not good, but hey at least it’s not the US(!)
You missed the chance to say "At least it's not the US, eh?"
The United States is a free country and freedom to shape your own destiny is one of the hallmarks of being an American. So everyone whining about how hard it is should have thought long and hard about the consequences of their actions when they decided not to be born rich.
/s
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I got talked into bankruptcy (by a bankruptcy lawyer, surprise surprise). It cleared $12k of credit cards and bank fees but not the then-$50k of student loans and the spending habits that were the real problem. Now I learned my lesson. No credit cards. Save up and pay. Have an emergency fund that can cover your expenses for months and months in the event you lose your job, or your most expensive unplanned repair. That's the real life saver.
Credit cards are fine for people who can control their spending. I never pay interest, so I get my rewards for free and am building my credit. If you cannot control your spending habits, you might consider a card with a low limit.
You mean you never pay interest by paying off the debt before the next billing cycle, right? Or is it fine to get zero interest for whatever amount of months on certain purchases?
We do both... both are fine. As long as you aren't paying fees or interest, there is no disadvantage to using credit cards.
Ah, okay, I always figured the only way to really be responsible with credit was to use credit cards like debit, but if a big purchase came along that I definitely couldn't pay off within the month, I figured it wouldn't hurt to have zero interest but wasn't sure of the impact on my credit.
As long as you have the discipline to actually pay the thing off it's fine. Many people think, "oh I have 0% interest, I'll pay it off later" but never set aside the money to do so and end up accruing interest.
I never buy something on them I couldn't immediately pay off in full when I hit buy. I've bought things in excess of my checking balance, but that's because I had enough in savings (separate from my emergency fund), and my incoming paycheck would put my checking balance well above my credit card balance.
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In France after high school you pay 170€ the first 3 years the 243€ the next two, 100€ more each year if you don't have aides from the government. Some engineering schools (~600€) or private schools are more expensive.
That's a total of 1496€ for a 5y curriculum at most, if you don't have any aides. (810€ for a shorter 3y one)
For reference the monthly minimum wage is 1398.69€ (without tax).
So if you work two months at McDonald's you can literally pay your entire education with enough room to spare if you didn't pass some years.
(Engineering schools is more but it isn't crazy either)
That's without any help, but we have some cheap apartment specifically for students, help to pay the rent. And in addition to this you can get a sizable amount depending on the income of the parents, sometimes enough to live on.
So why in the hell would you pay 50k. That's 33 times as much, guys just come to France, or the EU and your set lol
Everything you've said only stands for public university (which is better than private schools however). In the private world, you're looking at ~10000€ a year.
So why in the hell would you pay 50k. That's 33 times as much, guys just come to France
I believe it's more expensive for foreigners to study in France now. You're looking at ~3000€ per year IIRC.
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How has bankruptcy affected you when you've gone to apply for things? Has there been any real long term effects when you apply for like a house or car loan?
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Imagine being inside a month😵💫
🥵
July is hot, what's your problem?
We're inside the month filling the bankruptcy
Nice Try Rudy. Pay your debts.
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"I declare BANKRUPTCY!!!!"
filling for bankruptcy
inside a month
Go back to school
Most individuals still have to work out a debt repayment plan. I know some credit cards and loans still have to be repayed even in bankruptcy. Chapter 11 bankruptcy is only available if you're a corporation or a kajillionaire.
This is just not true.
But it’s on the internet?
Fair point.
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Bankruptcy debt settlement are usually for a fraction of the stated amount. I've heard of families who have discharged over 100k of cc debt and only had to pay about 10k. Usually you will lose bigger assets like vehicles, but keep your home.
You can and will lose your home in many many states (non homestead states primarily). If the person you aren’t paying is your mortgage holder, you’re definitely going to lose your home You will also almost always lose non-primary residences provided they need to be liquidated to settle your debts. You will be given any excess money from the liquidations after your debts are settled.
If you’re settling debts you’re probably doing chapter 11 not 7.
Chapter 11 requires your lenders to play ball, but if they think they can make more money by extending terms of offering a discount than if they force you into chapter 7, they will.
If you make $5k/mo and your living expenses are $3k/mo and you have $3k/mo of debt for the next 30 months, reasonable lenders would look at that and say I’d rather have $1.5k for 60 months and I believe you can pay it rather than rolling the dice in chapter 7 on what assets you have or don’t have and what they’re worth when they finally get liquidated.
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this post was submitted on 26 Dec 2023
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