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Do you know what bankruptcy does? One does not simply declare bankruptcy unless they're willing to have their lives suddenly become much harder and stay that wa
by markdown 7y ago
Do you know what bankruptcy does? One does not simply declare bankruptcy unless they're willing to have their lives suddenly become much harder and stay that way for a while.
- jefftk 7y agoLet's say I've just graduated from college with a degree. I have minimal assets (clothes, computer) and lots of debt (100k in student loan debt). How does bankruptcy work out poorly for me?
- brianwawok 7y ago7ish year delay in buying a house. Which may be better than 20 years of payments to debt.
- jefftk 7y agoOn graduation, unless someone has incredible job prospects, wiping out 100k of debt in exchange for not being able to get a mortgage for 7y is a great deal. At 20k it's not great but still pretty good. I bought a house 7y after graduating from college, and I think this was earlier than most of my cohort. Additionally, I wouldn't even expect a college bankruptcy to fully preclude getting a home mortgage. With a large down payment the bank isn't actually taking that much risk. (Except that really I expect that if this law changed loans would require cosigners with good credit)
- leetcrew 7y agoeven graduating with no debt and a good job, I doubt most people are looking to buy a house within seven years anyway.
- brianwawok 7y agoIn the sciences out of SF and NYC? It’s very easy.
- Avicebron 7y ago*In the computer sciences
- brianwawok 7y agoHey, there are a few other good sciences ;)
- deleted 7y ago[deleted]