Bankruptcy Loan Forgiveness

[MrBonita]

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Anyone tried this path? I been thinking of taking out several crazy loans and cashing out all my credit cards and sending the money to hidden bank accounts in various countries. Maybe be in debt for 500k. and be living in a multi million dollar home and not making a single payment to anything. If anyone has successfully applied to bankruptcy forgiveness please let me know how to successfully do it. I owe about 20K on my student loans and tired of paying that sheit. My friend is a teacher and had his student loans cleaned. Bragging about it on facebook and getting tons of thumbs up and it pisses me off. The world is not fair and I need to take matters into my own hands. Help if you can. Option 2 will be to start a go fund and having you guys help me out.

Link

Discharge in Bankruptcy

You may have your federal student loan discharged in bankruptcy only if you file a separate action, known as an "adversary proceeding," requesting the bankruptcy court find that repayment would impose undue hardship on you and your dependents.

studentaid.gov

 

[mentos]

Yup I do this all the time, it always works. Highly recommended, what can go wrong? Who pays their bills? Screw that!

 

[deleted480308]

Anyone tried this path? I been thinking of taking out several crazy loans and cashing out all my credit cards and sending the money to hidden bank accounts in various countries. Maybe be in debt for 500k. and be living in a multi million dollar home and not making a single payment to anything. If anyone has successfully applied to bankruptcy forgiveness please let me know how to successfully do it. I owe about 20K on my student loans and tired of paying that sheit. My friend is a teacher and had his student loans cleaned. Bragging about it on facebook and getting tons of thumbs up and it pisses me off. The world is not fair and I need to take matters into my own hands. Help if you can. Option 2 will be to start a go fund and having you guys help me out.

Link

Discharge in Bankruptcy

You may have your federal student loan discharged in bankruptcy only if you file a separate action, known as an "adversary proceeding," requesting the bankruptcy court find that repayment would impose undue hardship on you and your dependents.

studentaid.gov

Just pay your debt

 

[PharmDBro2017]

Lol you have 20k student debt remaining and you're crying about that?

Try being a new grad with 200-250k+ (and getting 25% of your hours cut).

 

[NITRAS]

You have to prove that you basically cannot currently or likely in the future pay your bills. Very unlikely to happen to a professional.


Bankruptcy isn’t a path to wealth. Pay off the $20k and its out of your life.

 

[PharmtoCS]

Sorry, the ship has sailed since the 80's

 

[VictorOfHungerGames]

If you own a business, you can take out a massive loan, 200k-300k range and pay your student loan off and file for bankruptcy. I may do this in my later years lol

 

[Xarelto-10]

Why don’t you start a GoFundMe to raise funds to hire a lawyer to give you a good bankruptcy strategy and have plenty more left to cover your 20K student loan paid.
It’s totally doable.....

 

[confettiflyer]

Tread lightly, if the bk trustee finds an improper transfer after the determined point of insolvency, the court can go after the entity receiving funds to prioritize initial creditors.

You’d literally have to cash out and physically bring money overseas as many “overseas” banks interact with the US banking system. Or travel out, access funds overseas, and deposit locally.

Consult an attorney to minimize your legal exposure.


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[confettiflyer]

If you own a business, you can take out a massive loan, 200k-300k range and pay your student loan off and file for bankruptcy. I may do this in my later years lol

lol hope that lender doesn’t make you sign a personal letter of guarantee

not that that’s common or anything, nope nope


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[MrBonita]

Tread lightly, if the bk trustee finds an improper transfer after the determined point of insolvency, the court can go after the entity receiving funds to prioritize initial creditors.

You’d literally have to cash out and physically bring money overseas as many “overseas” banks interact with the US banking system. Or travel out, access funds overseas, and deposit locally.

Consult an attorney to minimize your legal exposure.


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I been thinking of withdrawing money while in vegas to seem like I have a gambling problem. I will secretly buy gold bars and store them in Canada. After I am cleared of paying my dept I will go back to Canada and cash out the gold I been hiding. My loans will be forgiven and I will be rich.

 

[NITRAS]

Investing in gold. More solid financial advise....

Do people actually think these schemes actually work?

 

[mentos]

This all sounds like a great plan to avoid paying 20k in student loans.

 

[lord999]

Investing in gold. More solid financial advise....

Do people actually think these schemes actually work?

They actually do. You can pretty much either take specie or do transfers through a tax haven to places that the US cannot reach. However, there is a side business in South America on figuring out who those people are and kidnapping them for "ransom" which eventually gets the person of interest killed after the financial drain. I'm seen the pictures and remains when persons of interest with government ties are killed like that and shipped back to Quantico, I always have a pretty good laugh hearing the stories considering that they of all people should have known better.

If you want to have an idea of just how money laundering works and what happens when you deal with people who *really* don't care about government consequences, consider reading Narco's Blog journaling the ongoing drug war with money and think real hard before embarking on a life of crime, because they're people in this world much more professional about it than us sheltered pharmacists:

El Blog del Narco

Información exclusiva sobre el narco en México, Noticias, historias e reportajes especiales sobre el narcotráfico

elblogdelnarco.com

I don't think you're that invested. If you are, good luck finding a place that someone doesn't already figure out that you're alone, have money, and are a fool when you show up with trivial money.

I've also seen black money show up in Singapore where bank secrecy laws make it difficult for the US to serve Patriot Act notices, but on the other hand, you have to live in Disneyland with the Death Penalty, and I cannot think of a worse corporate democracy dystopian reality than to be a wage worker in Singapore or Seoul. Also, any particular estate matters would be immediately escheated to pay off your debt, so no inheritance as you cannot be a legal inheritor (your other plan, apparently).

 

[babybull]

debt is the way to make money nowadays. just look around you. it's the name of the game. debt-financed investments

 

[rxkrafted]

OP having a lot of fun baiting people into his troll post.

 

[Xarelto-10]

OP having a lot of fun baiting people into his troll post.

I think most response are given in that light too...I don’t think most people took his post seriously ...

 

[confettiflyer]

OP having a lot of fun baiting people into his troll post.

Definitely a troll post, but it’s kind of fun to explore the legal (and illegal) possibilities.


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[confettiflyer]

https://www.npr.org/2020/01/22/7973...ptcy-can-wipe-out-student-loan-debt-after-all

“
Some of that is because of the language of the original statute stating that student loan borrowers have to meet a threshold of "undue hardship," he says. Iuliano says Congress has never defined what that means, so a lot of discretion is left up to the courts and the particular judge you get.”


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