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Why isn't the government paying off my car, then?
by kodyo 4y ago
Why isn't the government paying off my car, then?
- agitator 4y agoBecause your car loan was approved based on your credit history. A student loan was approved on a gamble. Now the lenders are trying to find a way to guarantee their returns by making everyone else pay.
- mikece 4y agoThe precedent has been established with student loans: why not car loans? Why not mortgages? Why not vacations or clothes or food.... or MEDICAL costs?
- quickthrowman 4y agoAll of those debts are dischargeable in bankruptcy, those loans were written based on the credit history of the borrower (excl. medical), and some of those loans (mortgages and car loans) are secured with collateral that can be repossessed and liquidated. None of those things are true for student loans.
- mikece 4y agoStudent loans can be discharged in bankruptcy: https://www.investopedia.com/how-to-file-student-loan-bankruptcy-4772237 https://www.investopedia.com/how-to-file-student-loan-bankru...
- WarOnPrivacy 4y ago> Student loans can be discharged in bankruptcy: Mostly false. I prepped and processed bankruptcies for two years and I only came across one instance where a student load was dischargable under chapter 7. IIRC, under a Chapter 13, they can be consolidated as an unsecured debt. I only did a few Chapter 13s so I'd have to go back and reread that part.
- RhysU 4y agoThen let us collectively agree to revisit and improve those bankruptcy laws, thereby improving our society going forward. Instead, we said that's too hard and skipped over the legislature in a one-time hack.
- deleted 4y ago[deleted]