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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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23278164 No.23278164 [Reply] [Original]

Britbong here with no student debt here, so excuse my ignorance. In the USA, declaring bankruptcy does not discharge you from student loan debt, unlike credit cards etc. Other than the absolute annihilation of your credit score, what is stopping you from taking out credit to pay off your student loans and then just declaring bankruptcy after?

>> No.23278185

Do you think her farts smell like seaweed and kimchi?

>> No.23278193
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23278193

>>23278164
damn now we are hitting peak coomer

>> No.23278208

>>23278164
you don't "just" declare bankruptcy, it's an involved process where you go before a bankruptcy court/judge and they look at your finances in depth. you legally cannot do what you are saying, and so this would be found out relatively quickly. not only would (((they))) deny your bankruptcy claim and likely try to charge you with fraud or, at the very least, penalize you with additional fees.

>> No.23278218

>>23278164
Now that is some clever thinking.

>> No.23278232

>>23278185
I didn't know Italians ate seaweed and kimchi.

>> No.23278238

>>23278208
Ah yes, land of the free, home of the pays.

>> No.23278304

>>23278238
it really is a talmudic scheme. it's non-dischargeable debt so essentially 0 risk to the lender but they also charge you outrageous interest rates. my average student loan interest rate is 5.6%.

>> No.23278343

>>23278304
HONK HONK

>> No.23278366

>>23278304
That sucks, I took a student loan in the UK then moved abroad. Never heard anything until I came back 15 years later and it appeared as a deduction on my wage. I don't work now and so I don't have to pay.

>> No.23278472
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23278472

>>23278208
That makes sense. Although, what is fraudulent about taking out credit to pay off existing debts and then becoming insolvent soon after? It could be seen as total financial incompetence rather than anything illegal etc.

>>23278366
My brother did the same thing. He has around £60k in student loan debt and now he lives in Japan. He doesn't intend to ever pay off his debt. He made a thread on biz about this a few weeks ago.

>> No.23278514

>>23278472
based brother

>> No.23278517

>>23278366
>>23278304
>>23278238
>>23278472
Reminder that it was legal to discharge debt by bankruptcy in the 1990s but (((bill clinton))) and ((((((george chaim bush)))))) changed it so that student debt was the one that couldn't be discharged.

And then obama said he'd fix it but made it worse, super based.

>people on here will still defend boomers even after they spent the last 30 years squeezing everyone younger than them to finance their retirement

>> No.23278722

Student loans get written off in the UK too after 30 years, pretty based desu, other than that our student loan situation is pretty similar in Australia

>> No.23278758

How to deal with student debt in America
>leave
>say you can't afford it and get on an income-driven repayment plan
>just don't fucking pay it until brown commies take over (US is 50% white and dropping every day)
>prove it is causing you undue hardship and you have no chance of paying it back = discharged anyways

>> No.23278761

>>23278164
Italian? But what about the chink eyes?

>> No.23278788
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23278788

>tfw lived in a usa school district that provided years of free university in replacement of going to high school

>> No.23278852

See Rosenberg V. N.Y. State Higher Education Services Corp.

There was a recent decision that allowed student loans to be discharged in bankruptcy. Did a quick google and found French did a good video on it. https://www.youtube.com/watch?v=aZxo2SrmbME

>> No.23278860

>>23278164
The hard part is getting a personal loan that can cover your $389,000 master's degree. Usually they don't loan that much

>> No.23278874

Forgot to add, the opinion in Rosenberg V. N.Y. State Higher Education Services Corp. was published by the bankruptcy court of the southern district of NY.

>> No.23279222

>>23278232
Ew pasta gas and organ smells it is then>>23278238

>> No.23279377

>>23278761
what are you talking about, that is a classic Italian face