Another cautionary debt story

goaliedad
Thu, 23 Oct 2008 00:24:23 +0000

If I were a betting man (which I am not), I’d say that he gets steered to Chapter 13 where the court will at least put a brake on the junk fees assessed by the student loan holders (I belive they can do that because that is not considered part of the loan nor the interest itself), put him on a payment plan for the other debt for 5 years, during which time his income should rise to the point where he can then take on the student loans and accumulated interest.

Now if he were in Judge Judy’s Bankruptcy Court (now THAT would be a great spin-off - I can just see her reading folks the riot act over their irresponsible spending), she’d tell him to go get a better paying job and come back later.

Quite frankly, I think he realizes that the longer he waits to file, the higher his income will be and the more debt he will actually have to pay off. He’s trying to play the system by playing the fool.

And if I were from the USC Business School, I’d be calling that newspaper reporter to get his phone number because quite frankly they need to be doing a better job of helping their almuni get better jobs. This is just a black eye to the school that this graduate is so screwed up.