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Brilliant strategy - graduate college, file bankruptcy, get rid of the student loan debt. Most college graduates rent for the first few years and with the utili
by paul_f 7y ago
Brilliant strategy - graduate college, file bankruptcy, get rid of the student loan debt. Most college graduates rent for the first few years and with the utility of VISA debit cards, no need for a credit card. Live in a city, use public transport ad Uber, no need for a car loan. In 7 years, you can buy a house.
- heavyset_go 7y ago> Most college graduates rent for the first few years Many landlords are loath to rent to recent graduates, those with poor credit and a history of bankruptcy. It's an owner's market, and someone who checks all three risky boxes will be skipped over for another tenant who comes with less risk.
- dodobirdlord 7y agoIf it was a common practice for college graduates to declare bankruptcy in this manner then landlords would take that into consideration. But of course, if it were a common practice it would also promptly be banned and we would be back in the same place we are now.
- colejohnson66 7y agoIt is banned already. It just has another name: fraud. Taking out a loan with the intent to not pay it is fraud.
- Mountain_Skies 7y agoYou can get an FHA loan two years after bankruptcy. Twelve months in limited cases. An FHA loan has less desirable terms than a conventional loan but not so much so that it would dissuade anyone from getting $100k in student loans dismissed.
- stevespang 7y ago10 years, not 7. The Gov't will most certainly appeal this ruling all the way to the Supreme Court - - they and their corporate bogeemen have too much to loose.
- thatfrenchguy 7y agoIt’s not like people will rent to you if you just had a bankruptcy.