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Korean Job Discussion Forums
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| How much money do you owe? (Amount in $US) |
| 0-5k |
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52% |
[ 52 ] |
| 5-10k |
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9% |
[ 9 ] |
| 10-15k |
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4% |
[ 4 ] |
| 15-20k |
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7% |
[ 7 ] |
| 20-25k |
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7% |
[ 7 ] |
| 25-30k |
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6% |
[ 6 ] |
| 30-40k |
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14% |
[ 14 ] |
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| Total Votes : 99 |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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 Posted: Tue Mar 31, 2009 10:34 am Post subject: |
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| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
Unsecured debt can not be transferred or assigned to another person in the event of your death. Many companies who specialize in debt collection try to trick survivors into paying (when they are most vulnerable), but they are under no obligation to do so. The US Government is currently looking into such practices.
Student loan may be forgiven in the event of death of the borrower or co-signer. When my mom died, the few thousand dollars of outstanding student debt of my brother (she co-signed) was immediately forgiven, even though he was still around. |
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agoodmouse
Joined: 20 Dec 2007
Location: Anyang
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| Posted: Tue Mar 31, 2009 1:41 pm Post subject: |
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Metafilter would probably help with this question of whether student loans go away after 7 years. (I don't have student loans  ) |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Tue Mar 31, 2009 3:22 pm Post subject: |
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| agoodmouse wrote: |
| Metafilter would probably help with this question of whether student loans go away after 7 years. (I don't have student loans ) |
Government-subsidized student loans do NOT go away after 7 years, even if you declare bankruptcy. Student loans are the only debts that stay with you for your entire life. Private loans are a different matter, so I'm not sure if they can be forgiven/wiped from your record.
I defaulted on my loans in 2003, then consolidated and started repaying in 2006. I even got more loans in 2006 and 2007 after consolidating. However, the defaults are still on my credit report and I probably won't be eligible for credit for another few years--I don't see how that matters too much now, since no bank will lend to anyone. |
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traxxe
Joined: 21 Feb 2007
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| Posted: Tue Mar 31, 2009 4:35 pm Post subject: |
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| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
You know little about debt. It does not pass on to your wife or children. A wife's credit is entirely seperate from her husbands. She would not be liable for any debt I accrued unless it was in both of our names.
Sorry, try again. |
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Ukon
Joined: 29 Jan 2008
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| Posted: Tue Mar 31, 2009 4:49 pm Post subject: |
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| Again, you likely had a co-signer....what unscrupulous bank gives over 30k in loans to young people without a cosigner? |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Tue Mar 31, 2009 7:20 pm Post subject: |
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| Ukon wrote: |
| Again, you likely had a co-signer....what unscrupulous bank gives over 30k in loans to young people without a cosigner? |
Government student loans? Or possibly he got the loans from several different banks. Thinking it's a troll, because the amount is so high. Though it used to be possible to default on student loans, then everyone started doing it so they removed that loophole. If he defaulted almost ten years ago maybe he slipped under the wire. |
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Nierlisse
Joined: 11 Oct 2008
Location: South Korea
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| Posted: Tue Mar 31, 2009 7:42 pm Post subject: |
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| traxxe wrote: |
| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
You know little about debt. It does not pass on to your wife or children. A wife's credit is entirely seperate from her husbands. She would not be liable for any debt I accrued unless it was in both of our names.
Sorry, try again. |
Wrong. It depends on the type of debt, and also what state you live in.
http://public.findlaw.com/abaflg/flg-3-2c-1.html
http://www.bankrate.com/brm/news/DrDon/20030123a.asp
Sorry, try again. |
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kasain
Joined: 25 Oct 2008
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| Posted: Tue Mar 31, 2009 8:05 pm Post subject: |
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I probably have everyone beat.
I have a condo In Anaheim California. Bought for 235,000 and owe 200,000 on it.
Lucky for me in these hard times I rent it out. I been fortunate enough to find Koreans who want to live in California and my place is pretty cheap. |
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gregoriomills
Joined: 02 Mar 2009
Location: Busan, Korea
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| Posted: Tue Mar 31, 2009 8:57 pm Post subject: |
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| NuketheWhales wrote: |
| tophatcat wrote: |
| NuketheWhales wrote: |
I totaled nearly $180k in debt. After realizing that it was not physically possible to repay these amounts, never mind actually reducing the capital amount. I simply walked away. That was nearly 9 years ago.
I checked my credit report about 6 months ago. No outstanding bills or judgements. No marks on my credit score. My credit is R1 and I have no outstanding criminal charges.
To those who realized that there was ultimately no benefit in paying these debts, using the statute of limitations is what they were created for.
Many banks attract loans under terms that no sane person with a great deal of experience would sign. We are given promises of a great future that the money borrowed will provide us with. All we had to do was sign. I signed the loans with the banks, went to school, got my degrees and as time passed by I realized the mountain of debt that I was facing was incredible. Let's try the math.
7% of 180,000 is $12,600 a year in interest alone. That's nearly $1050 a month in interest. Let's say I mange to pay $500 off the capital a month off the interest. That would require 360 months if I pay perfectly (thought the math is not perfect..we'll assume for simplicity that it is) that I will be able to finish paying off this loan in 30 years. Adding the interest of $12,600 x 36 + capital looks at nearly say....around $630k ish.
And what is the benefit of paying this enormous sum of money? Pride? The ability to say that i paid off my loans and live a life of poverty? I did what any sensible person would have done when faced with something so immense. You simply refuse to pay, declare bankruptcy, you use the laws to your advantage and limit your exposure to these sums.
Though many hold a very principled view on student loans. Their purpose is clear. They are there to help you get an education. It's far cheaper to have an educated workforce in society in debt than an uneducated workforce with little to no debt (Mexico) and you can see the results overall.
I don't feel guilty. In fact, I'm glad. My education taught me a great many things about manipulation of the public, control through law and finance and yes, instilling a sense of understanding of when someone should simply refuse to become a self imposed slave to debt and walk away. Today 9 years after walking away from my debt, I'm a free person. But I suffered the legal difficulties of having bad credit for 7 years. That is a long time, but debt should not be a life sentence of poverty that cripples you forever. That is, unless you let it.
You only live once. Live smart and enjoy your life.
Nukem |
thief |
You may call me a thief. But I'm a 'thief' with a clean credit record and no outstanding debts that can be collected.
I wonder how many of you would take the same option if you knew you'd be scott free after 7 years. I really do.
Nukem |
Wow, you're so good at self-justification, I almost forgot how you screwed some company/the govt out of $180,000, then bragged about how scott-free you got off! Unbelievable! You make it sound like your country is better off giving EVERYONE 180 grand to go "educate" themselves.
Yeah, you got yourself into a pretty crappy situation, and it would have been difficult to out of in a lifetime, but it didn't happen overnight. Are you that blind? How do you rack up 180g in without being a complete idiot?? O yeah, a massive sense of entitlement. |
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traxxe
Joined: 21 Feb 2007
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| Posted: Tue Mar 31, 2009 11:05 pm Post subject: |
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| Nierlisse wrote: |
| traxxe wrote: |
| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
You know little about debt. It does not pass on to your wife or children. A wife's credit is entirely seperate from her husbands. She would not be liable for any debt I accrued unless it was in both of our names.
Sorry, try again. |
Wrong. It depends on the type of debt, and also what state you live in.
http://public.findlaw.com/abaflg/flg-3-2c-1.html
http://www.bankrate.com/brm/news/DrDon/20030123a.asp
Sorry, try again. |
The first link is discussing co-signed debt where two parties are on the paper. It barely mentions community property states.
The second link talks about community property states. Community property states do not recognize debts accrued before the marriage. It even mentiones that in the article. So your claim my family would be liable for my student loan debt is bunk.
Student loans are never on the hook by the way even in community property states. They are seen as personal assets not tied to the spouse. Debts tied to the spouse where they were judged to be a part of them are liable. If I bought a truck in my name and she never used it then she is off the hook for that debt. If I got a loan to take a trip around the world and then died she would be off the hook. Etc. |
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Nierlisse
Joined: 11 Oct 2008
Location: South Korea
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| Posted: Wed Apr 01, 2009 3:22 pm Post subject: |
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| traxxe wrote: |
| Nierlisse wrote: |
| traxxe wrote: |
| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
You know little about debt. It does not pass on to your wife or children. A wife's credit is entirely seperate from her husbands. She would not be liable for any debt I accrued unless it was in both of our names.
Sorry, try again. |
Wrong. It depends on the type of debt, and also what state you live in.
http://public.findlaw.com/abaflg/flg-3-2c-1.html
http://www.bankrate.com/brm/news/DrDon/20030123a.asp
Sorry, try again. |
The first link is discussing co-signed debt where two parties are on the paper. It barely mentions community property states.
The second link talks about community property states. Community property states do not recognize debts accrued before the marriage. It even mentiones that in the article. So your claim my family would be liable for my student loan debt is bunk.
Student loans are never on the hook by the way even in community property states. They are seen as personal assets not tied to the spouse. Debts tied to the spouse where they were judged to be a part of them are liable. If I bought a truck in my name and she never used it then she is off the hook for that debt. If I got a loan to take a trip around the world and then died she would be off the hook. Etc. |
You said "She would not be liable for any debt I accrued unless it was in both of our names."
You did not mention student loan debt and neither did I. If you read the link again, it says "In community property states, a husband and wife may be responsible for debts incurred by the other even if both parties do not co-sign on the debt."
I will repeat my previous post:
It depends on the debt and which state you are in. |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Wed Apr 01, 2009 3:38 pm Post subject: |
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| kasain wrote: |
I probably have everyone beat.
I have a condo In Anaheim California. Bought for 235,000 and owe 200,000 on it.
Lucky for me in these hard times I rent it out. I been fortunate enough to find Koreans who want to live in California and my place is pretty cheap. |
How is that debt? If it's worth 235,000 and you paid 200,000 then you have 35,000 in equity, not debt.
Equity is good very good. |
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prideofidaho
Joined: 19 Mar 2008
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| Posted: Wed Apr 01, 2009 3:42 pm Post subject: |
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| No_hite_pls wrote: |
| kasain wrote: |
I probably have everyone beat.
I have a condo In Anaheim California. Bought for 235,000 and owe 200,000 on it.
Lucky for me in these hard times I rent it out. I been fortunate enough to find Koreans who want to live in California and my place is pretty cheap. |
How is that debt? If it's worth 235,000 and you paid 200,000 then you have 35,000 in equity, not debt.
Equity is good very good. |
I think you're reading it wrong.
I never want to buy a house. It seems terrifying. |
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traxxe
Joined: 21 Feb 2007
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| Posted: Wed Apr 01, 2009 4:14 pm Post subject: |
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| Nierlisse wrote: |
| traxxe wrote: |
| Nierlisse wrote: |
| traxxe wrote: |
| buymybook wrote: |
| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
You know little about debt. It does not pass on to your wife or children. A wife's credit is entirely seperate from her husbands. She would not be liable for any debt I accrued unless it was in both of our names.
Sorry, try again. |
Wrong. It depends on the type of debt, and also what state you live in.
http://public.findlaw.com/abaflg/flg-3-2c-1.html
http://www.bankrate.com/brm/news/DrDon/20030123a.asp
Sorry, try again. |
The first link is discussing co-signed debt where two parties are on the paper. It barely mentions community property states.
The second link talks about community property states. Community property states do not recognize debts accrued before the marriage. It even mentiones that in the article. So your claim my family would be liable for my student loan debt is bunk.
Student loans are never on the hook by the way even in community property states. They are seen as personal assets not tied to the spouse. Debts tied to the spouse where they were judged to be a part of them are liable. If I bought a truck in my name and she never used it then she is off the hook for that debt. If I got a loan to take a trip around the world and then died she would be off the hook. Etc. |
You said "She would not be liable for any debt I accrued unless it was in both of our names."
You did not mention student loan debt and neither did I. If you read the link again, it says "In community property states, a husband and wife may be responsible for debts incurred by the other even if both parties do not co-sign on the debt."
I will repeat my previous post:
It depends on the debt and which state you are in. |
I clearly mentioned my debt was student loans in a prior post. You jumped in on the thread about four posts later so you probably missed the original post expressing my debt as student loans.
I had said my studnet loans were about 50k and that I had no consumer debt in my original post. The post you replied to was a thread that broke off from that.
No worries, I don't like to wade through every post and pick and choose too. I understand your point. It just didn't apply to me as would be known from my original post. |
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eIn07912
Joined: 06 Dec 2008
Location: seoul
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| Posted: Wed Apr 01, 2009 5:00 pm Post subject: |
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at its peak, my loans totaled $75K... private school 
ive since gotten them down to about $50K. paying extra so theres no interest. big lump sums at the end of the year, etc...
if anyone would like to make a donation and help get these down even further, feel free to PM me. otherwise, im in debt to sallie mae till im 40. |
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