It has always been said that you could never go bankrupt on Taxes, and Student Loan... but now in a landmark case at the New York Federal Bankruptcy court a Navy Vet was able to make a case to dismiss his over $200k in student loan debt!
Of course it would appear that the petitioner had to jump thru some hoops and prove/meet certain legal test, however the link above contains the actual pleadings and findings that allowed him to pull it off!
Though it was rather interesting, not that I owe even a single $1 in student loans, but for people out there in big trouble with student loans I hope this can be of help!
Who knows, maybe you will soon be able to go bankrupt on taxes too!? LOL! I wouldn't hold your breath for that!
__________________
What is to give light must endure burning -- Viktor Frankl
I see a lot of people voting but not a lot of people responding...
Don't you feel that most people will game the system with regards to student loans if they thought they could just be discharged by way of bankruptcy?
Is this decision by the New York Bankruptcy court going to open the flood gates for student loan bankruptcy? Only time will tell, however student loan lenders have always counted on these protections when issuing loans, with this new ruling they may start holding back - or in the worse case scenario, with over $1 trillion in student loan debt out there it could well be the next bubble waiting to pop.
All that said, I do agree that someone in bad financial shape should be able to use the bankruptcy protections for exactly what they were intended for, which is to grant relief to people who need it - regardless what it is... Student loans, bank debts, judgements, medical bills and even TAXES! I was the one who voted undecided, but only because the news come to me as a shock, since I had never heard of someone being able to go bankrupt on student loans and because I think a lot of people may get themselves into deeper debt thinking they can discharge the debts in bankruptcy when it's not so easy to do that.
__________________
What is to give light must endure burning -- Viktor Frankl
I think ALL debt should be wiped out in bankruptcy, but that bankruptcy should also have lasting consequences that would prevent someone from getting any kind of loan for many years thereafter. Furthermore, I believe the consequences of a corporate bankruptcy should have the same consequences personally for the owners of the company that files it. This way the protection will only be used by those who actually need it. Don't get me wrong, I believe LLC protections should still exist to shield an individual from other types of liability, but it has been used as a shield too often to protect people from risky financial behavior.
Ah... That is currently the way Bankruptsy works PowerStroker! Except it used to not allow any exemption for Student Loans...
What you suggest for LLC or Corporations would mean that anyone holding stock would also be recorded as being bankrupt if the company they held even a single share in went Bankrupt!
__________________
What is to give light must endure burning -- Viktor Frankl
Well, that's ^^^ Too far IMO. I would say members of the board for said company should have their personal credit scores destroyed if their company files bankruptcy, regular shareholders would just have their value wiped out.
But yeah, that student loan debt can't be wiped out is crap. I wonder what Betsy Devos thinks about this issue??????????
But that is what you suggested! Now you want to limit it to just board members? Who was on the board for Solyndra? Better yet who funded it with Government money?
Uh-Oh... Bet you don't want to go down that road!
__________________
What is to give light must endure burning -- Viktor Frankl
Let me restate then - board members seem sufficient. The idea of damaging the personal credit scores of a regular shareholder isn't something I'm on board with.
So you're in favor of giving board members of a bankrupt company the golden shower rather than the golden parachute? I suppose I could help with that...
All the money spent on Solyndra and it would seem the private yet government subsidized Elon Musk and Tesla has the lions share of the solar market. Dude is from Africa and gets better treatment than the rest of us.
__________________
What is to give light must endure burning -- Viktor Frankl
All the money spent on Solyndra and it would seem the private yet government subsidized Elon Musk and Tesla has the lions share of the solar market. Dude is from Africa and gets better treatment than the rest of us.
LOL !
Elon Musk, though at times difficult to understand because of his minor "stutter", isn't such a bad dude imo. He's not out to make masses of $$$, but only to try & make the world a better place for us now, & more importantly, in the future.
Here's a link to "Nuclear Exodus, Pandora's promise was a lie"...Not only is it worth the reviewing for health & safety's sake, but the last hour covers Elon Musk & the goals sought-after with the electric cars, *solar power, & his space exploration interests.
-- Edited by Rastus on Thursday 16th of January 2020 01:41:06 AM
__________________
"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
