| reply to JoelC707
Re: General info needed about Statute of Limitations Having never had a student loan that remained unpaid I do not know the answer *grin*
I try to avoid not repaying debt, it hurts the chances of securing other more important loans like a mortgage! |
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guppy_fishPremium
join:2003-12-09
Lakeland, FL
kudos:1 Reviews:
 ·Verizon FiOS
| reply to JoelC707
Re: General info needed about Statute of Limitations Good writeup on student loans and bankruptcy
»business.time.com/2012/02/09/why···kruptcy/
Thanks to the 2005 Bankruptcy overall, no student debt can be discharged except for "undue hardship", thanks to the bank lobbying groups efforts to rewrite the laws .. |
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JoelC707Premium
join:2002-07-09
West Point, GA
kudos:5 | reply to GroovyPhoenx
The no student loan forgiveness on bankruptcy is one I've heard before but I've never really understood why. I wonder if it's all student loans or just DoE student loans?
IIRC, with the DoE student loans, after something like 20 or 25 years the debt is forgiven. I'm not sure whether there are stipulations like you have to have not made payments for x months or if you're simply still paying on it after 20/25 years the remaining balance is forgiven.
Since you mention the US vs Canada differences, do you know how bankruptcy regarding student loans works in Canada? Just curious to see how they compare. |
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Reviews:
 ·Rogers Hi-Speed
| reply to silentlooker
said by silentlooker: While it have become harder to get chapter 7 the reality is a lot of people still get it. It just cost more. So a person just does chapter 7 and all of the debt goes away. Only thing that is not discharge is student loan.
Just to stretch the curiosity factor why does it not apply to a student loan? How is that debt different then another? I live in Canada but U.S laws are interesting to me. |
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| reply to bmilone2
said by bmilone2:In most cases, if the creditor plans to go after the debtor they Will do so prior to limitation limits. And the point i was making that a judgment is worse on a credit report then a bankruptcy was just for informational purposes if the poster was considering one or the other.
And not to muddy the waters, in a chapter 13 it will depend on the type of debt as to if it will be discharged or not. If the creditor obtains a judgement prior to the petition date of a Chapter 13, they would be considered a secured creditor and the pre petition portion of the debt would be part of the repayment schedule set up by the court.
While it have become harder to get chapter 7 the reality is a lot of people still get it. It just cost more. So a person just does chapter 7 and all of the debt goes away. Only thing that is not discharge is student loan. |
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| reply to silentlooker
In most cases, if the creditor plans to go after the debtor they Will do so prior to limitation limits. And the point i was making that a judgment is worse on a credit report then a bankruptcy was just for informational purposes if the poster was considering one or the other.
And not to muddy the waters, in a chapter 13 it will depend on the type of debt as to if it will be discharged or not. If the creditor obtains a judgement prior to the petition date of a Chapter 13, they would be considered a secured creditor and the pre petition portion of the debt would be part of the repayment schedule set up by the court. |
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| reply to bmilone2
said by bmilone2:If your creditors obtain a Judgment against you the statute of limitations is mote. I'm not sure about other States, but in NJ a Judgment is good for 20 years with the option of having it extended for 20 more.
A Judgment on your credit report is worse then a bankruptsy. You would find it vitually impossible to get a loan or additional credit of any kind until it is released.
how do you get judgment once sol passed? Also it can always be discharged by declaring bankruptcy. |
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| reply to JoelC707
If your creditors obtain a Judgment against you the statute of limitations is mote. I'm not sure about other States, but in NJ a Judgment is good for 20 years with the option of having it extended for 20 more.
A Judgment on your credit report is worse then a bankruptsy. You would find it vitually impossible to get a loan or additional credit of any kind until it is released. |
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| reply to GroovyPhoenx
Why would someone pay debt that they legally no longer owe? That seems like stupid thing to do. |
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Reviews:
·Rogers Hi-Speed
| reply to JoelC707
Wow, I was reading it as a general question, does that mean my curiosity means I owe debt? And even if I did owe debt, who the heck are you at making any kind of judgement on me?
Oh wait, your a keyboard warrior that defends the worlds "honest people who pay their debt" do you take your vitamins and say your prayers too?
It's folks who make "ASSUMPTIONS" like you T that ruin a good information discussion.
You aren't helping you're boosting your own ego by trying to be superior.
Oh wait, am I making an "assumption" Why yes I am! |
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| reply to tdumaine
said by tdumaine:Last i knew it was 7 years, but its been ages since ive kept up with the what it can and can not write off, etc
It's really the better option if the card company cant work something out (never hurts to ask).
it's 10 years and it's much worse compare to negative mark on your credit report which last only 7 years. |
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| reply to JoelC707
Last i knew it was 7 years, but its been ages since ive kept up with the what it can and can not write off, etc
It's really the better option if the card company cant work something out (never hurts to ask). |
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JoelC707Premium
join:2002-07-09
West Point, GA
kudos:5 | reply to tdumaine
Doesn't bankruptcy last about the same, 7 years or so? Regardless, I agree, bankruptcy does seem like the better course if you have a lot of debt and you have no way of repaying it. At least then the slate is wiped clean and all. |
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| reply to JoelC707
said by JoelC707:said by silentlooker:said by JoelC707:OK then, show me where I said I wasn't planning on paying back my debt. I want "my own words", not some assumption from you about this being about me or you just assuming that because I'm asking I must be guilty.
If SOL passed, you might as well not pay it. That is just my personal opinion and in no way suggest that you personally not going to pay it back. This I completely agree with. Unless you an pay it all off in one lump sum and get verified proof the debt is paid, all you will be doing is restarting the clock on the SoL. Not a good thing to do at all. And thank you for not making assumptions. Either way, about you, about your dog, or about the imaginary bigfoot next door, same answers.
You or whoever are better off going for bankruptcy than to dodge them till the statute runs out  |
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