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The Psychological Effects of Loan Debt

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Replies to: The Psychological Effects of Loan Debt

  • twoinanddonetwoinanddone 23233 replies17 threads Senior Member
    And that counts all those chemical engineers working on oil platforms making more than $100k so for everyone of those there is an engineer making $40k. It doesn't count those who make nothing because they don't have a job.
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  • MrThatcherMrThatcher 133 replies7 threads Junior Member
    Personally, I never was bothered by the debt I was taking on going to college. However, dear mother would throw a fit every time we talked about it. I mean I'm borrowing money for a personal investment. Plus anyway, if ever you can't repay it, just file for Chapter 11 Bankruptcy and any good lawyer can get you out of that pickle.
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  • itsgettingreal17itsgettingreal17 4040 replies26 threads Senior Member
    @MrThatcher student loan debt is almost never dischargeable in bankruptcy. So I hope you can pay your loans.
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  • MrThatcherMrThatcher 133 replies7 threads Junior Member
    edited July 11
    Keyword: "almost" doesn't mean you can't discharge them. All it takes is the right setup with the right circumstances. @itsgettingreal17

    Proof: Blog on nerdwallet.com

    All you gotta do is take out more than you actually make in a year in your field and you'll prove to the courts that if you only make 50k a year but your loans are upwards of 200k, no way you can make the payments without going into poverty. Just gotta find the strong enough lawyer.
    edited July 11
    Post edited by skieurope on
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  • itsgettingreal17itsgettingreal17 4040 replies26 threads Senior Member
    @MrThatcher you’re citing nerd wallet to a bankruptcy lawyer. Good luck with that.
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  • MrThatcherMrThatcher 133 replies7 threads Junior Member
    @itsgettingreal17 Your point? Obviously with your pessimistic viewpoints no clients of yours would succeed in discharging student loans. You need the right image and if you don't manufacture that image, well you're right, good luck with discharging the debts.
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  • twoinanddonetwoinanddone 23233 replies17 threads Senior Member
    @MrThatcher Chapter 11 is for businesses. Chapter 7 is for individuals, or chapter 13 who are paying under a plan for 3+ years. One also has to show a good faith attempt to pay and that the employment situation is unlikely to change. Not many non-disabled 25 year olds can show there is no hope of employment in the future.

    You could also pay the student loans with another loan like a credit card, wait for the appropriate time to pass (3 months? 6 months?), and then file bankruptcy and discharge the unsecured debt. Trick is geting another bank to lend you the money to pay the student loans.
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  • MrThatcherMrThatcher 133 replies7 threads Junior Member
    @twoinanddone Well, that is another way to do it. As they say, if there is a will, there is a way.
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  • jym626jym626 55790 replies2904 threads Senior Member
    ^ Oh for the love of Pete. Stop wasting readers’ time with this nonsense.
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  • CottonTalesCottonTales 1296 replies21 threads Senior Member
    edited July 11
    Or one could sell their fancy schmancy car and pay their debts, that is if one actually has one to sell.
    edited July 11
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  • lookingforwardlookingforward 34460 replies382 threads Senior Member
    Yeah, the car has a $500 monthly payment, no?

    The real point is no one should be overconfident, even if they hope to go into tech or medicine. Bad luck can disable prospects pretty fast.

    My D1 pays 335/mo on autopay. No, it's not easy, even on her good salary (and not a stem major, either.) She's very adult about fin decisions. But in, say, five years, that amount alone could have been 20k, not even counting the right investments along the way.
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  • jym626jym626 55790 replies2904 threads Senior Member
    edited July 25
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