Bankruptcy Law Change Could Help Consumers Recover: Experts

[oldtime]

Quote from illiquid:

Efficiency is providing your own answer within your own question. Kudos to ET forums.

Learning about art teaches you how to see what's in front of you. It teaches you how to understand what came before, and anticipate what comes after. My art education is one reason I'm trading how I trade today. So don't knock it til you've tried it.

99% fail because they follow what's prescribed and can't create for themselves. Art abhors consensus. In this business, I'll take that over a think-by-numbers degree any day.

yes illiquid, but when a kid comes out of college owing more than I paid for my first house there is a problem. I bet you could put together an impressive art appreciation course and undercut Indiana University by a significant amount, and maybe provide a superior education. Not to mention giving people who don't want to go into debt a chance for exposure.

No, these student loans were a scam, and kids today need to be freed from them through bankruptcy. Yes they made a bad decsion when they were 18 but the 50 year old banker and his politician partner also made a bad decsion. It's obvious, these college degrees are just not paying off like we anticipated they would.

We as a society approved bankruptcy as a preferable way of dealing with excessive debt. Otherwise hardcore people like you and me might resort to drug dealing or smuggling just to get square again. It's a way to keep smart people off the streets.

Caveat emptor if you are going to loan me money. You're too scared to make it the only respectable way, which is by trading, so you think you can just loan it relatively risk free, but you need mommy and daddy government to write a law to make sure you don't lose.

Well it's time that law got unwritten so we can teach you how much risk there really is when you loan teenagers money.

 

[nutmeg]

Quote from jprad:

Heh, you couldn't be more wrong.

Thanks.

 

[oldtime]

so if student loans are not guranteed how will a poor kid get educated?

By the guy who is eventually going to hire the student. The corporation goes to the high school and recruits the kids and pays for their education.

I doubt many art museums will show up on recruitment day.

Those of us who don't want any part of the corporate security will go our own way, and probably hear till her dying day our mother saying you should have gone to school at Exxon.

But either way, we will now have a whole new generation of for the most part debt free kids.

 

[trendy]

Quote from Rickshaw Man:

Yeah, nobody wants to take responsibility for their own actions these days...............NOT EVEN WALL STREET BANKERS. I'm certain wall street got a tax payer bailout right?

What they got was a loan from the Treasury, which has been repaid in full. Most people fail to understand that fact.

http://www.dailymarkets.com/stock/2010/06/24/banks-pay-back-75-of-tarp/

 

[oldtime]

Quote from trendy:

What they got was a loan from the Treasury, which has been repaid in full. Most people fail to understand that fact.

http://www.dailymarkets.com/stock/2010/06/24/banks-pay-back-75-of-tarp/

yeah, that's good stuff trendy. I stand corrected. Somebody sure is doing an awful job of conveying those facts to the general public. There probably is no hope for the media, which is where I usually get my daily brainwashing.

 

[ronweiss]

I agree, bankruptcy lawyers can help people get out of debt especially in this tough economy. Long Islanders especially are struggling with financial issues such as foreclosure and bankruptcy, but I recently came across a site that may help. Take a look at http://www.ny-bankruptcy.com/long-island-bankruptcy-attorney.htm/

 

[high99]

Quote from oldtime:

why is student debt any different than any other kind of debt? Do you want to repeal all the bankrutpcy laws? Go back to debtors prison? Loaning money is a risk. The banks loan the money and get rewards but assume no risk. What a world we live in......

The reason it is different is because you are lending large amounts of unsecured money to individuals who do not qualify for it. What is the source of repayment? Their future income. So once again, real slow. When they graduate they have NO income. Never did have any income. So now this punk has a enormous loan with no way to pay it back if they don't get a job. So they go chapter 7? Other than the fact the govn. guarantees these loans, otherwise nobody in their right mind would lend tens of thousands of dollars to some punk with a bachelors degree. So they take away the get out of jail card via chapter 7, and now the punk is stuck with the debt for the rest or their lives. That is why you cannot discharge it. Every dipshit with a bachelors degree would file BK7 as soon as they graduated.

 

[oldtime]

Quote from high99:

The reason it is different is because you are lending large amounts of unsecured money to individuals who do not qualify for it. What is the source of repayment? Their future income. So once again, real slow. When they graduate they have NO income. Never did have any income. So now this punk has a enormous loan with no way to pay it back if they don't get a job. So they go chapter 7? Other than the fact the govn. guarantees these loans, otherwise nobody in their right mind would lend tens of thousands of dollars to some punk with a bachelors degree. So they take away the get out of jail card via chapter 7, and now the punk is stuck with the debt for the rest or their lives. That is why you cannot discharge it. Every dipshit with a bachelors degree would file BK7 as soon as they graduated.

hey dipshit, the punk isn't the guy who borrowed it. It's the dumbass that lended it. You're the dumbass dipshit punk because you're too stupid to figure out what they are doing with your money and do anything about it. Meanwhile, we are more than happy to take your money from you. If you don't like it why don't you learn how to trade?