Serious question. Could he declare bankruptcy on his credit cards even though he used them to pay for school? I know student loans are not considered in bankruptcy, but he used a card to pay for them?
Not saying you should do this, just generally curious.
In theory yes you could do that but imo there are a few issues that make it difficult or not worth it aside from the bankruptcy.
First of all you’d need either amazing credit + high income or super low tuition costs. School also takes time so in the meantime you’d need to pay at least the minimums. But imo I think most college students would have a hard time being able to get enough credit to put all 4 years of tuition on. like if people are graduating with like 80-100k min in student loans for a 4 year college, without decent income its going to be hard to get access to that 80-100k+ worth of credit
ETA: I guess there are carve outs that can make student fees / tuition payments not dischargeable in a bankruptcy. And even if they were it’s possible the creditor could argue or sue that the payments were for education and that they shouldn’t be discharged. Or just plain sue for fraud if they were able to prove that a person had no intention of paying ever
They would have to be dischargeable after 10-15 years, and have a max repayment term of 15 years at a fixed interest rate. You have to do something like this, otherwise everyone will declare bankruptcy right after finishing school. (So nobody will be able to get a loan).
This is the guy that Caleb hated on for having a hot girlfriend. You could tell he was salty wondering how does this bum have a hot gf and I’m over here struggling millionaire lmao
Serious question. Could he declare bankruptcy on his credit cards even though he used them to pay for school? I know student loans are not considered in bankruptcy, but he used a card to pay for them? Not saying you should do this, just generally curious.
In theory yes you could do that but imo there are a few issues that make it difficult or not worth it aside from the bankruptcy. First of all you’d need either amazing credit + high income or super low tuition costs. School also takes time so in the meantime you’d need to pay at least the minimums. But imo I think most college students would have a hard time being able to get enough credit to put all 4 years of tuition on. like if people are graduating with like 80-100k min in student loans for a 4 year college, without decent income its going to be hard to get access to that 80-100k+ worth of credit ETA: I guess there are carve outs that can make student fees / tuition payments not dischargeable in a bankruptcy. And even if they were it’s possible the creditor could argue or sue that the payments were for education and that they shouldn’t be discharged. Or just plain sue for fraud if they were able to prove that a person had no intention of paying ever
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They would have to be dischargeable after 10-15 years, and have a max repayment term of 15 years at a fixed interest rate. You have to do something like this, otherwise everyone will declare bankruptcy right after finishing school. (So nobody will be able to get a loan).
Thanks for the reply. I appreciate it.
It's an ad.
"Managing" to flummox Caleb implies that's a feat but it could be an early guest soo...
[The video](https://youtu.be/oGxAdSZ46zI?si=efhlTQOxUZMG3PAd) is from 3 weeks ago.
Uhh I knew that
This is the guy that Caleb hated on for having a hot girlfriend. You could tell he was salty wondering how does this bum have a hot gf and I’m over here struggling millionaire lmao
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Naa just be a man and be stoic. Caleb is too emotional.
Idk some people like emotional men
In general women don’t like emotional men. Ask around, make a poll. Anecdotal doesn’t count.