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USA checking in. I declared chapter 7 bankruptcy in 2010. Chapter 7 bankruptcy eliminates 100% of your dischargable debt. When the bankruptcy process had com
by amorphid 9y ago
USA checking in. I declared chapter 7 bankruptcy in 2010. Chapter 7 bankruptcy eliminates 100% of your dischargable debt. When the bankruptcy process had completed, I still owed ~200,000 USD, which was 140,000 USD in student loans and 60,000 USD in back taxes that were less than 3 years old, neither of which were dischargable.
- SeoxyS 9y agoAt this point, couldn't you just arbitrage it, and take out loans / mortgages / cash advances / credit cards just to pay off student loans and back taxes, after after which you'd actually declare bankruptcy.
- lotsofpulp 9y agoIf a lender is going to approve a sufficiently large loan to someone with $200k in student loans and tax debt, and without a high income, they would not be in business for long.
- notfromhere 9y agoThat's called fraud and you will go to prison for it.
- amorphid 9y agoI was already tapped out. There was no more money to be borrowed.
- verylongname 9y agoIn order to owe $60,000 in back taxes, you had to have income. Where did that income go? Were the original loan amounts even higher? Loans of $140,000 sound awfully high for an undergraduate degree. Did you attend a professional school (law school/dental/medical)?
- amorphid 9y agoThe recession happened, and I attempted to find a job while living on money I had set aside for taxes. That was a flawed plan. About 70% of the loans were from grad school.