Declaring Bankruptcy

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Declaring Bankruptcy
Topic Started: Jun 17 2009, 08:56 PM (253 Views)
Nivexonix	Jun 17 2009, 08:56 PM Post #1
L o v e Posts: 565 Group: Members Member #90,678 Joined: January 15, 2006 I'm Browsing With Firefox 3	With the current economy, it seems extremely hard to find money to actually pay for everything you want to continually have. This financial burden is enough for many to go to the extreme and file for bankruptcy. Some do this out of necessity. There are many who take this option as simply a way to re-start though. It has become common for many medical school students to file bankruptcy right after graduating from medical school. While some may see this as a beneficial action, there are many who dislike it. There are consequences for filing bankruptcy without a proper claim. However, this differs from strategic bankruptcy. General Motors recently (within the past year) filed for bankruptcy in order to benefit the company. This is also when the Obama Administration gained a large portion of the company. Topic Rules Focus on bankruptcy and how it has its place in society; whether it is a good part of an economy or bad. If you mention specific individuals or companies, make sure it ties into your point.



dark lord war	Jul 25 2009, 10:44 AM Post #2
Member Posts: 214 Group: Members Member #181,770 Joined: March 29, 2009 I'm Browsing With Firefox 1	Obama promised to try and relive the burden of bankruptcy from the US but he put more of it on. More and more people in the US are going homeless and bankrupt. It is a horrible thing for the economy.



Brandon	Jul 25 2009, 05:09 PM Post #3
Posts: 22,393 Group: Admin Member #1 Joined: September 14, 2002 I'm Browsing With Safari 4	Regarding student loans: Wikipedia US Federal student loans and some private student loans can be discharged in bankruptcy only with a showing of "undue hardship." Bankruptcy Code Section 523(a)(8) determines what loans can and cannot be discharged. The undue hardship standard varies from jurisdiction to jurisdiction, but is generally difficult to meet, making student loans practically non-dischargeable through bankruptcy. While US Federal student loans can be discharged for total and permanent disability, private student loans cannot be discharged outside of bankruptcy. Otherwise it is just too tempting to cheat with bankruptcy. You have no assets to lose in bankruptcy since you just finished school. You will have a high earning power (if you are a doctor, lawyer, etc) or you can live with parents until you are able to get mortgages again.



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