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submitted 5 months ago by [email protected] to c/[email protected]
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[-] [email protected] 105 points 5 months ago

Student Loans have entered the chat.

[-] db2 31 points 5 months ago
[-] cm0002 37 points 5 months ago

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

[-] [email protected] 80 points 5 months ago

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.

[-] [email protected] 102 points 5 months ago

This is a remarkably dystopian statement lmfao

[-] PunnyName 43 points 5 months ago

USA!
USA!
USA!

[-] Funkytom467 16 points 5 months ago

Guns are easier to get than surgery. Shoot your problems away!

[-] Whelks_chance 11 points 5 months ago

Isn't this some flavour of fraud? Not from the US, so this is all pretty bizarre to me.

[-] [email protected] 21 points 5 months ago

Capitalism is a flavor of fraud in and of itself.

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[-] fury 90 points 5 months ago

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.

[-] GaMEChld 63 points 5 months ago

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.

[-] SeabassDan 15 points 5 months ago

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?

[-] Jimmyeatsausage 25 points 5 months ago

We do both... both are fine. As long as you aren't paying fees or interest, there is no disadvantage to using credit cards.

[-] SeabassDan 7 points 5 months ago

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.

[-] [email protected] 12 points 5 months ago

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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[-] Funkytom467 26 points 5 months ago* (last edited 5 months ago)

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

[-] pankkake 14 points 5 months ago

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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[-] [email protected] 6 points 5 months ago

Around 3-5% is spent on textbooks alone

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[-] [email protected] 9 points 5 months ago

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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[-] tomi000 84 points 5 months ago

Imagine being inside a month😵‍💫

[-] [email protected] 29 points 5 months ago

July is hot, what's your problem?

[-] drislands 28 points 5 months ago
[-] BleatingZombie 16 points 5 months ago

We're inside the month filling the bankruptcy

[-] [email protected] 61 points 5 months ago

Nice Try Rudy. Pay your debts.

[-] [email protected] 6 points 5 months ago

Nice try, but Rudy isn't filing for cc debt.

[-] [email protected] 37 points 5 months ago

"I declare BANKRUPTCY!!!!"

[-] [email protected] 37 points 5 months ago

filling for bankruptcy

inside a month

Go back to school

[-] AeonFelis 22 points 5 months ago
[-] [email protected] 9 points 5 months ago* (last edited 5 months ago)

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.

[-] [email protected] 24 points 5 months ago
[-] SuckMyWang 27 points 5 months ago

But it’s on the internet?

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[-] [email protected] 10 points 5 months ago

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.

[-] [email protected] 8 points 5 months ago* (last edited 5 months ago)

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
602 points (95.6% liked)

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