What could someone with $400k debt and no job do? Forum

[CanadianWolf]

Or stop viewing law schools as high netting profit centers for universities; or returning to the pre-2006 bankruptcy laws which permitted for discharge of student debt which, in turn, will cause student loan lenders to curtail irresponsible lending.

[84651846190]

Or stop viewing law schools as high netting profit centers for universities; or returning to the pre-2006 bankruptcy laws which permitted for discharge of student debt which, in turn, will cause student loan lenders to curtail irresponsible lending.

The federal government isn't going to curtail its lending if people with student loans can discharge their debt in bankruptcy. The Feds are required by law to make it rain. "Free" shit for everybody. Woooo.

[CanadianWolf]

Okay, then lets call for a ban of shiny college & law school brochures. (or is it "shiney" ?)

[anyriotgirl]

Or stop viewing law schools as high netting profit centers for universities; or returning to the pre-2006 bankruptcy laws which permitted for discharge of student debt which, in turn, will cause student loan lenders to curtail irresponsible lending.

+1 there is no way that it costs $50k/yr a head to round up some professors, classrooms and a library

[patogordo]

Or stop viewing law schools as high netting profit centers for universities; or returning to the pre-2006 bankruptcy laws which permitted for discharge of student debt which, in turn, will cause student loan lenders to curtail irresponsible lending.

The federal government isn't going to curtail its lending if people with student loans can discharge their debt in bankruptcy. The Feds are required by law to make it rain. "Free" shit for everybody. Woooo.

(probably supported repeal of glass-steagall)

[radikal_eyes]

Undergrad & law school, plus living expenses - $400,000.00 in non-dischargable debt, and no income.

Dafuq is a person in that situation supposed to do? Become homeless? Flee the country?

Revolt.

[wiz]

Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.

Correct. Most courts use the Brunner test, which requires a showing that 1) the debtor cannot maintain, based on current income and expenses, a “minimal” standard of living for the debtor and the debtor’s dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans. (Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987)).

With IBR/PAYE, the first prong is probably going to be very difficult to satisfy.

I'm gonna need pin cites

Brunner v. New York State Higher Educ. Servs. Corp., 831 F.2d 395, 396 (2d Cir. 1987).

[transferror]

Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.

Correct. Most courts use the Brunner test, which requires a showing that 1) the debtor cannot maintain, based on current income and expenses, a “minimal” standard of living for the debtor and the debtor’s dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans. (Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987)).

With IBR/PAYE, the first prong is probably going to be very difficult to satisfy.

I'm gonna need pin cites

Brunner v. New York State Higher Educ. Servs. Corp., 831 F.2d 395, 396 (2d Cir. 1987).

You win

[brotherdarkness]

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[jess]

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[wiz]

What are the best countries to flee to?

The UAE is pretty boss (no extradition), especially Dubai and Abu Dhabi. Taiwan doesn't have an extradition treaty with the US either. Argentina technically has an extradition treaty but almost def won't extradite you, especially if you renounce your citizenship.

[brotherdarkness]

.

[worldtraveler]

What are the best countries to flee to?

The UAE is pretty boss (no extradition), especially Dubai and Abu Dhabi. Taiwan doesn't have an extradition treaty with the US either. Argentina technically has an extradition treaty but almost def won't extradite you, especially if you renounce your citizenship.

What if the criteria involved not just being extradited, but also (a) cheap booze, (b) beautiful women, (c) good food, (d) beaches?

I believe Cambodia does not extradite, nor does Brazil.

[Frayed Knot]

I'd combine two different options ITT. First, live a life of crime preferably either as a drug dealer or bank robber- if you can make the 400K in a few months, you're good to go. If you fail, you're either (1) dead, in which case loans are discharged, (2) sentenced to prison, in which case your work in the prison kitchen will qualify for PAYE. If you're lucky, the debt will be discharged right around the time you are.

Don't rob banks. The average take from robbing a bank is about $4k—you'd have to rob 100.

[Pokemon]

Why would you flee and why is there talk of extradition. Lol at the idea that they will look for you abroad for not paying loans. What will happen instead is that you do not have to pay US taxes (exception until you make over 98k) and because wages abroad are so much lower, it would count as poverty level by US standards, thus no IBR payment.

[brotherdarkness]

What are the best countries to flee to?

The UAE is pretty boss (no extradition), especially Dubai and Abu Dhabi. Taiwan doesn't have an extradition treaty with the US either. Argentina technically has an extradition treaty but almost def won't extradite you, especially if you renounce your citizenship.

What if the criteria involved not just being extradited, but also (a) cheap booze, (b) beautiful women, (c) good food, (d) beaches?

I believe Cambodia does not extradite, nor does Brazil.

BRB, taking out more student loans.

[dead head]

This is wishful thinking and nothing more. Any country worth living in will have barriers to getting a work visa. It's not easy. And if you intend to work under the table in a foreign country, might as well just do that here.

You can do OK teaching English in Asia.

[skers]

This is wishful thinking and nothing more. Any country worth living in will have barriers to getting a work visa. It's not easy. And if you intend to work under the table in a foreign country, might as well just do that here.

You can do OK teaching English in Asia.

I have a bro who ditched his loans doing this and leveraged it into a pretty damn good situation.

[cinephile]

This is wishful thinking and nothing more. Any country worth living in will have barriers to getting a work visa. It's not easy. And if you intend to work under the table in a foreign country, might as well just do that here.

You can do OK teaching English in Asia.

You can make maybe the equivalent of 30k USD. It's only ok because they tend to provide you housing. But at the point where you want your own place and to start a family, it'll be challenging. It's a short term idea, but not really something you can turn into a lifelong career.

[dead head]

You can make maybe the equivalent of 30k USD. It's only ok because they tend to provide you housing. But at the point where you want your own place and to start a family, it'll be challenging. It's a short term idea, but not really something you can turn into a lifelong career.

There are lots who have. Transitioning to a University position isn't uncommon, and even as a regular English teacher you make a salary comparable to Japanese salarymen. This is a much better alternative than your suggestion of working under the table in the USA, which ain't exactly a great long-term proposition.

[worldtraveler]

This is wishful thinking and nothing more. Any country worth living in will have barriers to getting a work visa. It's not easy. And if you intend to work under the table in a foreign country, might as well just do that here.

You can do OK teaching English in Asia.

You can make maybe the equivalent of 30k USD. It's only ok because they tend to provide you housing. But at the point where you want your own place and to start a family, it'll be challenging. It's a short term idea, but not really something you can turn into a lifelong career.

30k plus housing/benefits and lower COL is not a bad deal. Certainly better than what I make now.

[royilae]

What are the best countries to flee to?

The UAE is pretty boss (no extradition), especially Dubai and Abu Dhabi. Taiwan doesn't have an extradition treaty with the US either. Argentina technically has an extradition treaty but almost def won't extradite you, especially if you renounce your citizenship.

What if the criteria involved not just being extradited, but also (a) cheap booze, (b) beautiful women, (c) good food, (d) beaches?

<3 brotherdarkness #MCM