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"Their Wealth Has Vanished": Baby Boomers File For Bankruptcy In Droves
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2018 Aug 6, 6:42pm 7,124 views 41 comments
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18
🎂
RWSGFY
2018 Aug 6, 8:15pm
RWSGFY
2018 Aug 6, 8:15pm
lostand confused says
Hence the idea to replace student debt with some other kind of debt which is dischargeable.
Strategist saysThey end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.
I think student loans cannot be discharged in bankruptcy.
Hence the idea to replace student debt with some other kind of debt which is dischargeable.
19
Strategist
2018 Aug 6, 8:17pm
Strategist
2018 Aug 6, 8:17pm
MrMagic says
Damn Trump. It's obvious he is responsible for the lousy math and reading skills. A democrat would have solved the problem in one year.
Strategist saysIf our math teacher here reads this, he will laugh like hell, and recommend a pay raise for teachers.
Then blame it on Trump.
Damn Trump. It's obvious he is responsible for the lousy math and reading skills. A democrat would have solved the problem in one year.
21
Strategist
2018 Aug 6, 8:47pm
Strategist
2018 Aug 6, 8:47pm
Hassan_Rouhani says
I remember reading an article that indicates why student loans cannot be discharged in a BK. The example was of a medical student, who after graduating goes before a BK judge, and states the shirt on his back is all he has. He ends up with a free expensive education, even though he has the earning capacity to easily pay off the loan in the near future.
lostand confused saysStrategist saysThey end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.
I think student loans cannot be discharged in bankruptcy.
Hence the idea to replace student debt with some other kind of debt which is dischargeable.
I remember reading an article that indicates why student loans cannot be discharged in a BK. The example was of a medical student, who after graduating goes before a BK judge, and states the shirt on his back is all he has. He ends up with a free expensive education, even though he has the earning capacity to easily pay off the loan in the near future.
22
MrMagic
2018 Aug 6, 8:52pm
MrMagic
2018 Aug 6, 8:52pm
Hassan_Rouhani says
Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.
Hence the idea to replace student debt with some other kind of debt which is dischargeable.
Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.
24
MrMagic
2018 Aug 6, 8:54pm
MrMagic
2018 Aug 6, 8:54pm
FortWayne says
Sort of, if planning on filing BK to get rid of school debt, it would have to be on a credit card, personal loan, or something similar, not guaranteed by the govt.
If student debt wasn’t backed by taxpayers, It can be discharged?
Sort of, if planning on filing BK to get rid of school debt, it would have to be on a credit card, personal loan, or something similar, not guaranteed by the govt.
25
MrMagic
2018 Aug 6, 8:55pm
MrMagic
2018 Aug 6, 8:55pm
clambo says
Sadly, I know a bunch, or maybe not broke now, but right on the edge, and don't have the financial savings to retire.
I don't know any broke boomers.
Sadly, I know a bunch, or maybe not broke now, but right on the edge, and don't have the financial savings to retire.
26
Tenpoundbass
2018 Aug 7, 4:28am
Tenpoundbass
2018 Aug 7, 4:28am
Impossible they are all billionaires and have been keeping all of the Patnet Millennials from the riches they so rightfully deserve.
27
CBOEtrader
2018 Aug 7, 6:30am
CBOEtrader
2018 Aug 7, 6:30am
It'd be interesting to know more about the bankruptcy numbers. Look at the improvement for young people over the same period of time?!
My best guess is its healthcare costs. I just took about 30 hours of certifications for medicare. Accoding to their numbers, over half of all long term care is paid for by medicaid. Considering that most seniors start LTC with their own funds, then move to Medicaid once they are broke, one can assume that well over half of seniors die as wardens of the state.
My best guess is its healthcare costs. I just took about 30 hours of certifications for medicare. Accoding to their numbers, over half of all long term care is paid for by medicaid. Considering that most seniors start LTC with their own funds, then move to Medicaid once they are broke, one can assume that well over half of seniors die as wardens of the state.
28
HeadSet
2018 Aug 7, 7:14am
HeadSet
2018 Aug 7, 7:14am
No they shouldn't. Not being able to discharge student loans in bankruptcy should be outlawed.
Strongly disagree. Encouraging even more irresponsible borrowing would just raise college prices for the responsible people who saved/worked to pay for school. I like the idea of no student loans at all, which would mean college prices would have to fall to be affordable by sponsorships, work study, and savings. Also would encourage cost saving measures such as courses that do not need labs to be taught through on-line A/V enhanced lectures followed by proctored tests. As it is now, colleges waste incredible sums on College Presidents building monuments to themselves adding infrastructure. Even with high endowments they keep raising tuition at a rate that exceeds general inflation. Easy finance is never the answer to affordability.
Strongly disagree. Encouraging even more irresponsible borrowing would just raise college prices for the responsible people who saved/worked to pay for school. I like the idea of no student loans at all, which would mean college prices would have to fall to be affordable by sponsorships, work study, and savings. Also would encourage cost saving measures such as courses that do not need labs to be taught through on-line A/V enhanced lectures followed by proctored tests. As it is now, colleges waste incredible sums on College Presidents building monuments to themselves adding infrastructure. Even with high endowments they keep raising tuition at a rate that exceeds general inflation. Easy finance is never the answer to affordability.
29
zzyzzx
2018 Aug 7, 7:18am
zzyzzx
2018 Aug 7, 7:18am
FPBT says
Which is pretty much the same as banning student loans, since nobody will be dumb enough to lend money for school if it can be discharged in bankruptcy.
No they shouldn't. Not being able to discharge student loans in bankruptcy should be outlawed.
Which is pretty much the same as banning student loans, since nobody will be dumb enough to lend money for school if it can be discharged in bankruptcy.
30
🎂
RWSGFY
2018 Aug 7, 8:23am
RWSGFY
2018 Aug 7, 8:23am
MrMagic says
This advice is kinda late for the people already in the hole.
Hassan_Rouhani saysHence the idea to replace student debt with some other kind of debt which is dischargeable.
Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.
This advice is kinda late for the people already in the hole.
31
MrMagic
2018 Aug 7, 9:40am
MrMagic
2018 Aug 7, 9:40am
CBOEtrader says
The young people are in better shape because mommy and daddy are paying all their bills (which is why BK is up for them). The parents are paying for school, paying for their cars, paying their cell phones, giving them allowance. It's tough to declare BK while living in mommy's basement with everything provided for you.
It'd be interesting to know more about the bankruptcy numbers. Look at the improvement for young people over the same period of time?!
The young people are in better shape because mommy and daddy are paying all their bills (which is why BK is up for them). The parents are paying for school, paying for their cars, paying their cell phones, giving them allowance. It's tough to declare BK while living in mommy's basement with everything provided for you.
32
MrMagic
2018 Aug 7, 9:41am
MrMagic
2018 Aug 7, 9:41am
Hassan_Rouhani says
Maybe the knuckleheads here who have kids in high school might wake up and do some research before signing their life away.
MrMagic saysHassan_Rouhani saysHence the idea to replace student debt with some other kind of debt which is dischargeable.
Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.
This advice is kinda late for the people already in the hole.
Maybe the knuckleheads here who have kids in high school might wake up and do some research before signing their life away.
33
MrMagic
2018 Aug 7, 9:48am
MrMagic
2018 Aug 7, 9:48am
CBOEtrader says
You win!
...."The questionnaire asked filers what led them to seek bankruptcy protection. Much like the broader population, people 65 and older usually cited multiple factors. About three in five said unmanageable medical expenses played a role. A little more than two-thirds cited a drop in income. Nearly three-quarters put some blame on hounding by debt collectors.
The study does not delve into those underlying factors, but separate data provides some insight. The median household led by someone 65 or older had liquid savings of $60,600 in 2016, according to the Employee Benefit Research Institute, whereas the bottom 25 percent of households had saved at most $3,260. -NYT"
Medical situations is a BIG part of this, and it's going to get worse, as more people are fat and overweight, which just leads to more medical issues down the road.
How many of these leading causes of death are attributed to poor diets, lack of exercise and generally not taking care of your self?
My best guess is its healthcare costs.
You win!
...."The questionnaire asked filers what led them to seek bankruptcy protection. Much like the broader population, people 65 and older usually cited multiple factors. About three in five said unmanageable medical expenses played a role. A little more than two-thirds cited a drop in income. Nearly three-quarters put some blame on hounding by debt collectors.
The study does not delve into those underlying factors, but separate data provides some insight. The median household led by someone 65 or older had liquid savings of $60,600 in 2016, according to the Employee Benefit Research Institute, whereas the bottom 25 percent of households had saved at most $3,260. -NYT"
Medical situations is a BIG part of this, and it's going to get worse, as more people are fat and overweight, which just leads to more medical issues down the road.
How many of these leading causes of death are attributed to poor diets, lack of exercise and generally not taking care of your self?
34
Tenpoundbass
2018 Aug 7, 11:11am
Tenpoundbass
2018 Aug 7, 11:11am
Terrorism can create and exacerbate many of those other conditions at the top.
35
NuttBoxer
2018 Aug 7, 11:19am
NuttBoxer
2018 Aug 7, 11:19am
What's wrong with them, the economy is better than ever! Everything valued in fiat currency will only continue to go higher, FOR ever!!
36
MrMagic
2018 Aug 7, 11:39am
MrMagic
2018 Aug 7, 11:39am
Tenpoundbass says
Like what, fear of cheeseburgers... so you have to eat them to make them go away?
Terrorism can create and exacerbate many of those other conditions at the top.
Like what, fear of cheeseburgers... so you have to eat them to make them go away?
37
Tenpoundbass
2018 Aug 7, 12:08pm
Tenpoundbass
2018 Aug 7, 12:08pm
MrMagic says
You have EU Gloablists importing rapeugees and if you speak out or report it, you go to Tommy Robinson Prison.
That can be a strain the heart.
Like what, fear of cheeseburgers... so you have to eat them to make them go away?
You have EU Gloablists importing rapeugees and if you speak out or report it, you go to Tommy Robinson Prison.
That can be a strain the heart.
38
Ceffer
2018 Aug 7, 12:31pm
Ceffer
2018 Aug 7, 12:31pm
These BoomFucks will have to kick out the MillXY's, live in the basement, and rent the upstairs out while they scrape by on SS.
39
Y
2018 Aug 7, 1:00pm
Y
2018 Aug 7, 1:00pm
Dirt naps should not let them off the hook.
All babies should be carbon dated and genetically traced to their last known form of existence.
And then back-billed for any/all student loan debt...
MrMagic says
All babies should be carbon dated and genetically traced to their last known form of existence.
And then back-billed for any/all student loan debt...
MrMagic says
I think the article implies they file BK because they can't pay ALL their bills. They still end up stuck with the school loan until they take a dirt nap.
« First « Previous Comments 18 - 41 of 41 Search these comments
An alarming number of older Americans are being forced into bankruptcy, as the rate of people 65 and older who have filed has never been higher - at three times what it was in 1991, while the rate of bankruptcies among Americans age 65 and older has more than doubled, according to a new study by the The Bankruptcy Project.
“When the costs of aging are off-loaded onto a population that simply does not have access to adequate resources, something has to give,” the study says, “and older Americans turn to what little is left of the social safety net — bankruptcy court.”
“The people who show up in bankruptcy are always the tip of the iceberg,” said Robert M. Lawless, an author of the study and a law professor at the University of Illinois.
*
What isn't helping is that many older parents report that helping their children contributed to their bankruptcies. Seattle bankruptcy attorney Marc Stern says he's seen parents co-sign loans for $10,000 or $20,000 for their kids, only to find themselves on the hook when their offspring couldn't service the debt.
Others parents had had co-signed their children’s student loans. “I never saw parents with student loans 20 or 30 years ago,” Mr. Stern said.
“It is not uncommon to see student loans of $100,000,” he added. “Then, you see parents who have guaranteed some of these loans. They are no longer working, and they have these student loans that are difficult if not impossible to pay or discharge in bankruptcy, and these are the kids’ loans.”
https://www.zerohedge.com/news/2018-08-06/their-wealth-has-vanished-baby-boomers-filing-bankruptcy-droves