Biden's new student loan bankruptcy policy
is making it easier for graduates to walk
away from debt, experts say - it is 'life changing'
Daily Mail (UK),
by
Tilly Armstrong
Original Article
Posted By: Imright,
3/15/2024 2:24:28 AM
The Biden administration's student loan bankruptcy policy is making it easier for borrowers to walk away from their debt, experts say.
It was previously very difficult for Americans to part from their debt in court in a regular bankruptcy proceeding, but new rules are reportedly making this easier.
'We have gotten forgiveness for a number of clients under the new bankruptcy changes,' Malissa Giles, a consumer bankruptcy lawyer in Virginia, told CNBC.'The discharge is life changing for them and their families.'
At the end of 2022, a new process for discharging student debt in the event of bankruptcy was introduced by the Department of Justice and the Department of Education.
Post Reply
Reminder: “WE ARE A SALON AND NOT A SALOON”
Your thoughts, comments, and ideas are always welcome here. But we ask you to please be mindful and respectful. Threatening or crude language doesn't persuade anybody and makes the conversation less enjoyable for fellow L.Dotters.
Reply 1 - Posted by:
Kafka2 3/15/2024 2:55:56 AM (No. 1678037)
What Biden is doing is creating elitist deadbeats. Everyone of those that took out loans to secure a degree agreed to pay it back. If a Joe six packet takes out a lone, he pays back the loan or else. Why should so called elites’ debts be paid for by taxing Joe sixpacks? Any company that hires these deadbeats is highering a proven dishonest employee. They should not be surprised if they steal them blind.
18 people like this.
Reply 2 - Posted by:
planetgeo 3/15/2024 4:07:17 AM (No. 1678042)
...and is making life harder for the honest, hard-working, debt-repaying people who will now be the ones forced to also pay off these deadbeats' loans through higher taxes. Thanks, Joe. You're so awesomely generous with other people's money, you Big Guy you
24 people like this.
Reply 3 - Posted by:
Trigger2 3/15/2024 4:30:36 AM (No. 1678055)
Joey is creating deadbeats. That's the only way he can get them to adore him and vote for him.
17 people like this.
Reply 4 - Posted by:
PChristopher 3/15/2024 5:12:49 AM (No. 1678070)
Irony alert: wasn't it a certain Sen. Biden who pushed legislation that made it so that if you declared bankruptcy, your credit card debt stayed with you? All the big credit card companies were Delaware corporations, so they had FJB in their pockets.
24 people like this.
Reply 5 - Posted by:
Subsuburban 3/15/2024 5:55:23 AM (No. 1678081)
Section 523(a)(8) of the Bankruptcy Code precludes discharge of student loans unless the debtor can show an "undue hardship." How does one simply ignore the law and implement contrary regulations? Oh, wait. It's a democrat.
16 people like this.
Reply 6 - Posted by:
mifla 3/15/2024 6:24:00 AM (No. 1678093)
Yet another bill I have to pay.
Where's my relief?
Can I take out a large student loan, keep the money and file for bankruptcy?
11 people like this.
Reply 7 - Posted by:
FJB 2022 23 24 3/15/2024 7:19:46 AM (No. 1678136)
It's the Biden way, just look at all the crap Hunter is involved in, felonies, drugs, treason, tax evasion, immoral to the core, he learned well from dear ole dad!
8 people like this.
Reply 8 - Posted by:
felixcat 3/15/2024 7:30:07 AM (No. 1678144)
And yet not one Republican Attorney General has filed suit against the Biden Administration over his willful ignorance of the Supreme Court ruling - aren't the tax paying residents of a state harmed by this illegal discharge of student debts for those students living in the same state? The Dems are okay with trying out new legal theories so why can't Republican AGs be creative?
7 people like this.
Reply 9 - Posted by:
downnout 3/15/2024 7:48:43 AM (No. 1678157)
Hmm, maybe it’s time for me to go buy that Maserati I’ve always wanted … after all, the taxpayers will bail me out, right?
2 people like this.
Reply 10 - Posted by:
Corndoggies 3/15/2024 7:53:30 AM (No. 1678159)
If the loans are forgiven then the university or college should refund the money they received. The cost of education exploded when the government took over the student loans.
8 people like this.
Reply 11 - Posted by:
bpl40 3/15/2024 8:08:58 AM (No. 1678170)
Somebody has to pay. Ever thought about how it changes the life of a hard working tax paying citizen who is burdened with the debt?
7 people like this.
Reply 12 - Posted by:
chillijilli 3/15/2024 9:22:51 AM (No. 1678229)
This is truly really simple. Joe & Jill are supreme enablers and don't seem to know the fine-line difference between helping someone and enabling them. Enabling means doing something for a person who can and should be taking care of themselves. Look at how they live their personal life. Hunter is a perfect example. When they swoop in and rescue him they are teaching him he doesn't have to accept responsibility for his actions and he will promise to stay clean and sober. Until the next time. But in the meantime, they've "bought" his allegiance. That's exactly what Old Joe is doing with the student loans. Buying votes because he's the Grand Rescuer in Chief and wants everyone to love him.
2 people like this.
Reply 13 - Posted by:
Venturer 3/15/2024 10:03:06 AM (No. 1678270)
Stop making student loans.
If they are not paying them back---stop making them, It's that simple.
3 people like this.
Reply 14 - Posted by:
columba 3/15/2024 10:43:24 AM (No. 1678304)
I paid for my college and education.
5 people like this.
Reply 15 - Posted by:
padiva 3/15/2024 11:37:16 AM (No. 1678346)
#9 Are you going to Maserati University? /s
Lots of fun courses there.
Aligning paint colors with personality types.
How to pack for a month trip in a Maserati.
How fast the Maserati can go downhill on various roads thruout the USA.
Asking 5000 homeless people what they like about your Maserati.
2 people like this.
Reply 16 - Posted by:
FromTheRight2 3/15/2024 11:51:01 AM (No. 1678356)
Good! This no student loan bankruptcy provosion was put in place in 1995, and (shocked surprise) lenders immediately began making loans to people who would not previously been considered credit worthy. Bankruptcy isnt an easy way out for creditors. It is a way to ensure lenders have some skin in the game when they make a loan.
1 person likes this.
The US taxpayer is the guarantor of these debts and is getting stuck with the bill. This needs to stop.
1 person likes this.
Reply 18 - Posted by:
paral04 3/15/2024 12:24:11 PM (No. 1678381)
It is a lesson that you don't have to keep your word as long as you vote for the right people. What kind of generation will we have because of this? People with no integrity no doubt, so they probably will become eligible to run an Ivy League school or at least teach there.
1 person likes this.
Reply 19 - Posted by:
JHHolliday 3/15/2024 1:00:45 PM (No. 1678415)
I put 4 children through college with the help of a second mortgage and severe belt tightening. When do I get my government refund check?
3 people like this.
Reply 20 - Posted by:
edgar 3/15/2024 2:07:46 PM (No. 1678464)
Life changing... imagine taking out a mortgage to buy a house and just walking away from that debt. Life changing for the people that are owed the mortgage, who are now out of business.
1 person likes this.
Below, you will find ...
Most Recent Articles posted by "Imright"
and
Most Active Articles (last 48 hours)