Calling 2020 for Entropy

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Re: Calling 2020 for Entropy

Post by Dangerman » 27 Jun 2019, 17:31

In 30 years nobody will want to admit the unearned privilege of attending and graduating college.

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D.A. Ridgely
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Re: Calling 2020 for Entropy

Post by D.A. Ridgely » 27 Jun 2019, 17:31

Andrew wrote:
27 Jun 2019, 17:27
D.A. Ridgely wrote:
27 Jun 2019, 16:29
There being no debtors prisons, it's still quite possible for many people to go their entire lives blowing off their student loans and the only adverse consequences are bad credit.
Although there is that Supreme Court ruling that SS payments can be garnished to pay student loan debts. That will be quite the epic battle in 30 years.
Good point. As of now, however, I'm taking the Republican position: I'll be dead by then, so I don't care.

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Re: Calling 2020 for Entropy

Post by Jennifer » 27 Jun 2019, 18:04

Jennifer wrote:
27 Jun 2019, 16:43
dead_elvis wrote:
27 Jun 2019, 00:44
Jennifer wrote:
26 Jun 2019, 16:14

IIRC, the "no bankruptcy for student loans" law was founded on a lie -- supposedly, there were buttloads of people taking on high debts and then immediately declaring bankruptcy before starting six-figure-salary jobs, except there weren't.
Still, one of my high school teachers openly bragged to us that she dodged her loans and as much as advised us that paying it back was for chumps (made it sound like their record keeping/enforcement was disorganized and lax).
Not knowing anything more than what you've said here, I'd suggest THAT specific problem was either "the teacher committed some type of fraud (hiding assets, etc.), or the bankruptcy judge in question wasn't doing his damn job." Because my understanding of bankruptcy law -- and of course, I say this as someone who is not a lawyer and fortunately has no personal experience with bankruptcy -- is that you can NOT simply declare bankruptcy anytime you want. because "Meh, I don't feel like paying back those loans" -- it's got to be approved by a judge AFTER it's been determined "It's not that you don't WANT to pay your loans; it's that, based on your current and reasonable-projected-future earnings and assets, you probably CAN'T pay off those loans."

Even if bankruptcy were an option for student loans, and had been when I finished school, I doubt I could've gone bankrupt with an honest judge, because IIRC my max debt was only slightly more than one year's pretax salary, at the time, and as a single person, no dependents, no chronic health issues or any "extra" expenses over a typical American of my age and salary, that debt was not high enough to warrant bankruptcy.
Building further on this: I do have a vague recollection of reading a long-ago article in SPY Magazine: this was when Gary Coleman was declaring bankruptcy, and had to auction off his possessions as part of the proceedings, and the gist of the article was "I am now the proud owner of Gary Coleman's spatula." Based on that, and other mentions of characters going bankrupt in various books and TV shows, I gather than to go bankrupt in America, it is a rather "invasive" process -- in that they go through ALL your stuff and decide what things you can keep and what you must sell for the best price you can get, presumably (at least for Coleman) even going so far as to say "Hmm, well, we'll let you keep SOME cookware since you'll still need to eat ... but I see you have three spatulas! Keep one; sell the other two." Or whatever. (Alternate possibility: perhaps for ordinary bankruptcy-seekers, used cookware and the like isn't valuable enough to be listed under "assets"; perhaps Coleman was trying to "cash in" on his celebrity by selling otherwise-worthless things which had collector or novelty value solely because "Gary Coleman used to own this.")

If I personally were to try declaring bankruptcy right now -- assuming of course I had a giant debt and little to no savings, but otherwise the exact same possessions -- I don't know if they'd go so far as to say "You can only keep SOME of your unusually large collection of clothes -- like, choose X pairs of pants, Y shirts and one winter coat, and sell the rest," but I'm fairly certain they'd expect me to sell things like, any gold or silver jewelry, bullion or coins I might have; various antique toys or tchotchkes which have at least SOME collectible value, enough to be worth selling rather than dumping in a Goodwill donation bin; perhaps a LOT of my huge collection of books (at least some of which are bound to have a bit of collectors' value, especially the really old ones); my miniscule stock portfolio would of course be taken in its entirety, though I'd almost surely be allowed to keep my computer since it's considered a necessity in today's society, especially for job-holders or -seekers ... and that's all BEFORE I spend at least seven years with absolute-shit credit and all the unpleasantness that entails.

In other words: going bankrupt really sucks, at least when everyone involved is honest and aboveboard, so IMO the idea that allowing truly over-their-head debtors this option is, like, "too good" for those irresponsible whatevers strikes me as a tad harsh.
"Myself, despite what they say about libertarians, I think we're actually allowed to pursue options beyond futility or sucking the dicks of the powerful." -- Eric the .5b

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Re: Calling 2020 for Entropy

Post by Mo » 05 Jul 2019, 15:31

Oh yeah, that’s why Joe Biden never broke single digits in his prior White House runs.

his voice is so soothing, but why do conspiracy nuts always sound like Batman and Robin solving one of Riddler's puzzles out loud? - fod

no one ever yells worldstar when a pet gets fucked up - dhex

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