Woman owes $555,000 in student loans

[Apoc]

Originally Posted by tommymac

Not even close esp for a family practice doc, a lot of them dont make a ton of money anyway, but it also depends on location.

Our ER guys start around 160-180 right out of school, general surgeons only start at 120. I figure a GP is somewhere in between there. But a resident from our program took a job in a rural oklahoma ER and got 300k to start.

So, why do americans think their doctors make so much more than ours???

300k is about the standard for any specialist starting out. Family doc's, about 200k...

[Apoc]

Originally Posted by Rangerscott

Well. If they let her file bankrupcty then she needs to kicked out of the field she studied for.

Thats ridiculous. Bankruptcy doesnt make everything she's done invalid.

[goof2]

Originally Posted by Rangerscott

Well. If they let her file bankrupcty then she needs to kicked out of the field she studied for.

She can file bankruptcy all she wants. Debt from student loans is exempt from bankruptcy proceedings. There is a separate procedure for student loan debt, but is extremely difficult to get it discharged. Basically you have to prove to a court that you don't make shit and will never be able to make shit for the rest of your life. As a working doctor she wouldn't qualify.

[azoomm]

Originally Posted by Captain Morgan

One of my biggest complaints about our financial system is that people can simply make any stupid choice they want, then push a reset button and start over. And a good portion of those that file bankruptcy will continue to make the same mistakes. The banks and other businesses lose out on money, then the government bails them out, which means I pay for it in the long run. Instead of my tax dollars going to good use, they go to pay for people that don't give a rat's ass and continue to do the same stupid shit because they're allowed to get away with it. Unfortunately, I can't bring myself to join the idiots who choose to run up mountain loads of debt.

I'm completely with you. In fact, I'm pissed off at the general public [like her] that think they can just do whatever they want, whenever they want and get away with a hug and a cookie. I'm tired of people charging the system and skating away.

Ooooooooooooo so you get bad credit - s-c-a-r-y. Most don't CARE about their credit rating... in fact, what about finalizing bankruptcy and getting new offers in the mail the very next day??!? They see that not only is the hole empty, but you've put the shovel down. Here, start digging the hole again so you can charge up another load of crap...

I don't feel sorry for this woman in the least bit. In fact, I think they should bring back debtor's prison.

[goof2]

Originally Posted by Apoc

Thats ridiculous. Bankruptcy doesnt make everything she's done invalid.

I agree, but I can see why someone would make that argument.

You take out a loan for a car and don't make the payments that car gets taken from you. You take out a loan for a house and don't make the payments that house gets taken from you. You take out a loan to practice a profession and don't pay it back that profession gets taken from you.

The problem with the comparison is repossession and foreclosure are not intended to punish the borrower. Those processes exist in an attempt to make the lender "whole". Since they will not receive any more payments they get the property back in hopes that the value will offset the outstanding obligation.

In the case of student loans removing a person's ability to work in their profession does nothing to help the lender, it only punishes the borrower.

[Homeslice]

Originally Posted by goof2

She can file bankruptcy all she wants. Debt from student loans is exempt from bankruptcy proceedings. There is a separate procedure for student loan debt, but is extremely difficult to get it discharged. Basically you have to prove to a court that you don't make shit and will never be able to make shit for the rest of your life. As a working doctor she wouldn't qualify.

Good.

[Rangerscott]

Originally Posted by Apoc

Thats ridiculous. Bankruptcy doesnt make everything she's done invalid.

So I get a loan on a bike, dont want to make payments, file bankruptcy, and I expect that I can still keep the bike.

Its the same thing. She took out loans to learn (a service), wants to file bankruptcy and expects to keep her title.

How is that ridiculous?

[Tmall]

Originally Posted by Rangerscott

So I get a loan on a bike, dont want to make payments, file bankruptcy, and I expect that I can still keep the bike.

Its the same thing. She took out loans to learn (a service), wants to file bankruptcy and expects to keep her title.

How is that ridiculous?

Because it's a skill, not a possession.

[Apoc]

Originally Posted by Rangerscott

So I get a loan on a bike, dont want to make payments, file bankruptcy, and I expect that I can still keep the bike.

Its the same thing. She took out loans to learn (a service), wants to file bankruptcy and expects to keep her title.

How is that ridiculous?

Theres a huge difference between a bike and an education. A bike is a piece of property. Her degree is knowledge based, you cant take that knowledge from her.

Its not a foreclosure, its bankruptcy. You cant foreclose on a degree.

Hell, in Canada at least, you can file for bankruptcy, and keep your home and primary mode of transportation, if you can continue to pay for them.

Anyway, its only bankruptcy, not a huge deal. It happens. She'll have good credit again in a year if she buys a secure credit card (ive seen it done). I wish her luck.

[Apoc]

Off topic, what is with all the hate you guys have for bankruptcy?

Someone fucks up and gets in over their head, its the best way to straighten shit out IMO. Wipes the slate clean and lets you get on with your life. Its only money.

Sure, i'd much prefer not to, but if it came down to it, fuck it, theres much worse things to worry about.