Supreme ct struck down free loans . Biden had zero authority to do

[Lee Vena]

I'm saying debt that cannot be discharged is against the founding father's and the purpose of the rebellion. I'm saying the concept of never being able to start over and having debt follow you THAT YOU CANNOT PAY, (which debt that cannot be discharged is that) is no different than a debtor's prison.

Two of the signatories of the Declaration of Independence were jailed in debtors prison, one, Morris was Washington's good friend. His incarceration led to the bankruptcy act of 1800. Light Horse Harry Lee, revolutionary war general and Robert E. Lee's father was thrown into debtor's prison for two years. He lived a life moving around the Caribbean and barely knew his son. He lived basically destitute with Nathaniel Greene's daughter. As she was just providing charity to him. He barely knew his son because of dodging creditors due to having no income to pay those creditors.

The point I am making, is that it is Anti-American to have people saddled with debt that cannot be discharged. Want to make sutdent loans not dischargable until someone is 40? Fine. I'm saying that people who cannot find a way out of debt that they cannot pay is wrong and against the founding of America.

And when you tell me, "Well if you take take debt you should pay it." Yes you should, but things happen. That's the point of bankruptcy. I guarantee there's someone on this forum that has had to declare bankruptcy. Trump, Auto Companies, Airline Companies, DAVE RAMSEY, Walt Disney etc. have all had to declare bankruptcy. Think of what the world would miss out on if Walt Disney had not been able to declare bankruptcy and was unable to try again. Henry Ford declared bankruptcy. Think of where the auto industry would have been if he had debt that could not be discharged through bankruptcy.

What if there's some 38 year old somewhere that could cure Alzheimer's but can't get his ideas off the ground because of mistakes 15 years ago?

Bankruptcy has consequences to it, but debt should not be life ending.

Please, just go away or stop it. We are not getting anywhere. Hate when new people jump on the site and throw some kind of grenade.

 

[whatyouwantfinally]

I'm saying debt that cannot be discharged is against the founding father's and the purpose of the rebellion. I'm saying the concept of never being able to start over and having debt follow you THAT YOU CANNOT PAY, (which debt that cannot be discharged is that) is no different than a debtor's prison.

I'd say it's entirely different than a debtor's prison in that it's not a prison. Duh.

And no, a debt not being dischargeable doesn't mean you cannot pay it. It's typically the opposite; it's not dischargeable BECAUSE you CAN pay it. Duh.

Two of the signatories of the Declaration of Independence were jailed in debtors prison, one, Morris was Washington's good friend. His incarceration led to the bankruptcy act of 1800. Light Horse Harry Lee, revolutionary war general and Robert E. Lee's father was thrown into debtor's prison for two years. He lived a life moving around the Caribbean and barely knew his son. He lived basically destitute with Nathaniel Greene's daughter. As she was just providing charity to him. He barely knew his son because of dodging creditors due to having no income to pay those creditors.

The point I am making, is that it is Anti-American to have people saddled with debt that cannot be discharged. Want to make sutdent loans not dischargable until someone is 40? Fine. I'm saying that people who cannot find a way out of debt that they cannot pay is wrong and against the founding of America.

Our government is saddled with debt that cannot be discharged, which means we ALL are.

And I'm not ant-bankruptcy. Far from it. I think student loans SHOULD be dischargeable. I just realize you have to do so in a way that doesn't allow people to game the system, which is something bankruptcy courts/laws have always taken into consideration.

And when you tell me, "Well if you take take debt you should pay it." Yes you should, but things happen. That's the point of bankruptcy. I guarantee there's someone on this forum that has had to declare bankruptcy. Trump, Auto Companies, Airline Companies, DAVE RAMSEY, Walt Disney etc. have all had to declare bankruptcy. Think of what the world would miss out on if Walt Disney had not been able to declare bankruptcy and was unable to try again. Henry Ford declared bankruptcy. Think of where the auto industry would have been if he had debt that could not be discharged through bankruptcy.

Again, I'm not anti-bankruptcy. But I am anti some well-off guy who didn't pay his loans off because he could get greater returns investing his $ than the interest he was paying getting his debt paid off by the rest of us. And there are TONS of those guys.

I'm certain the founders would be on my side here.

What if there's some 38 year old somewhere that could cure Alzheimer's but can't get his ideas off the ground because of mistakes 15 years ago?

What if there's some 38 year-old with a big income and lots of assets laughing because he gets a free $100k while his neighbor works 70 hours a week and gets nothing?

I can make up emotional stories too.

 

[goillini52]

Hate when new people jump on the site and throw some kind of grenade.

Hahaha, he's only 18 days newer than you are.

 

[goillini52]

https://www.cnbc.com/2022/11/09/how-student-debt-forgiveness-recipients-plan-to-spend.html

 

[Lee Vena]

Hahaha, he's only 18 days newer than you are.

Not really. I forgot my password/user name and had to create a new account. Have been on this site for about 20 years.

 

[goillini52]

Not really. I forgot my password/user name and had to create a new account. Have been on this site for about 20 years.

Did you have a similar username, yours sounds familiar?

 

[Lee Vena]

Did you have a similar username, yours sounds familiar?

Hate to sound senile, yes, but for the life of me cannot remember.

 

[DVGeorgia]

So there seems to be some confusion on how bankruptcy works. If you declare bankruptcy and have a bunch of assets, the courts aren't forgiving your loans and making your 70 year old neighbor who couldn't afford retirement pay for it. There is an investigation into your assets. Those assets are liquidated to pay for your debts. What cannot be paid is then discharged.

If some 38 year old has a bunch of assets and tries to declare bankruptcy he's gonna have a bad time.

Even the cash value of your whole life policy can be targeted by a bankruptcy court. Because the point of bankruptcy is to identify your cash assets, liquidate them, and pay your creditors. So the idea that someone is going to declare bankruptcy and laugh at the Walmart greeter for paying their debts is ridiculous.

Now yes, I believe student loans should have some sort of cooling period. If some 22 year old is declaring bankruptcy to wipe student loans, that shouldn't be allowed. But a 38 year old who has loan compounding interest gaining debt while he's been laid off, or unemployed with no cash assets; that's a prime person for bankruptcy.

 

[somarco]

Hate to sound senile, yes, but for the life of me cannot remember.

does Leevena sound familiar?

leevena
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[Lee Vena]

LOL, yes that is me, it is actually my 2nd one. I had one earlier too.