Need advice on recourse....

[BigBear]

I appreciate it Bellavite. My debt is not for "fun things", it was for school. Now, if it were for "fun things", you'd bet I've have A LOT more guns and y'all would know my face at these local shoots a lot better! HAHA.

As far as bankruptcy, I'm not even thinking that. For me, my beliefs/conscience, whatever, that is a no-go unless I'm on the streets or something.

I feel a lot better just getting to vent sometimes. I'm glad we have this board.

[jim02]

Well I believe student loans are not forgiven during a bankruptcy, the schools are worse then the credit card companies and have legislation passed so they are not included in general bankruptcy.

If Im wrong correct me, but I think im correct and you should fire bomb the school that you went to as payback for price fixing an education that is becoming more and more useless.

As more people are convinced they need to spend all this $$ just to get a job, more people do and more people apply for the same job and more people that spent way to much for an education cant get the jobs they expected or need to be able to pay off the student loans.

When everyone has the same qualifications that degree = nothing but finanical burden.

As you can see I hate the way the colleges get all these damn tax breaks while they continue to raise the tution prices so they can be rich and at the same time teach everyone how great it is to be a scumbag commie/marxist.

I applaud you for paying your debit and searching for ways to make things right and I hope sooner then later you get to use that over priced degree and your rolling in the $$ like the schools are, someday yourself.

[BigBear]

Gee Jim... thanks for the pep talk! HAHA.

"One day" is right... it's also the story of my life! Haha. But how many other youngsters can say they've been to over 20 different nations, played in front of hundreds of thousands of people, etc? Not a lot. I'm not upset that I went to get my degrees, I just feel (depressed?) at the supposed "invalidity" of my skills.

Geek time:

Why Teach Music

I. Music is a Science - It is exact, specific; and it demands exact acoustics. A
conductor's full score is a chart- a graph which indicates frequencies, intensities, volume changes, melody, and harmony all at once with the most exact control of time.
II. Music is Mathematical- It is rhythmically based on subdivisions of time into fractions which must be done instantaneously, not worked out on paper.
III. Music is a Foreign Language- Most of the terms are in Italian, German, or
French; and the notation certainly is not English, but a highly developed kind of shorthand that uses symbols to represent ideas. The semantics of music is the most complete and universal language.
IV. Music is History- Music usually reflects the environment and times of its creation, often even the country and/or racial feeling.
V. Music is Physical Education- It requires fantastic coordination of fingers, hands, arms, lip, cheek and facial muscles, in addition to extraordinary control of the diaphragmatic, back, stomach, and chest muscles, which responds instantaneously to the sound the ear hears and the mind interprets.
VI. Music Develops Insight and Demands Research.
VII. Music is all these things, but most of all. Music is Art- It allows a human being to take all these dry technically boring (but difficult) techniques and use them to create emotion. That is the one thing science cannot duplicate: humanism, feeling, emotion, call it what you will.

That is why we teach Music,

NOT because we expect you to major in music,
NOT because we expect you to play or sing all your life,
NOT so you can relax,
NOT so you can have fun, though we do sometimes,
BUT so you will be human,
so you will recognize beauty
so you will be sensitive,
so you will be closer to an intimate beyond the world,
so you will have more love, more compassion, more gentleness, more good- in short, more life
"Of what value would it be to make a prosperous living unless you know how to live? "

That is why we teach music.

And so much more I could say. Geesh, now I sound like a limp wristed fag don't I... Did you know that those schooled in the arts consistently score above average on all levels on all tests? etc and etc.

[ChadAmberg]

I appreciate it Bellavite. My debt is not for "fun things", it was for school. Now, if it were for "fun things", you'd bet I've have A LOT more guns and y'all would know my face at these local shoots a lot better! HAHA.

As far as bankruptcy, I'm not even thinking that. For me, my beliefs/conscience, whatever, that is a no-go unless I'm on the streets or something.

I feel a lot better just getting to vent sometimes. I'm glad we have this board.

You do realize that TERI went bankrupt themselves recently? So maybe you'll have much more leverage now.

Here's something else I found, that although typically you can't discharge student loans in a bankruptcy, there are circumstances where you may be able to.

Yes, you can file bankruptcy against a TERI loan. You must file an Adversary Proceeding in order to discharge a Student Loan. It is normally difficult to discharge student loans. TERI has essentially removed themselves from the student loan guarantee business, leaving the loans unguaranteed by a non-profit. This does not mean your loan will automatically be discharged. Upon default, your loan will become owned by the bank whom issued the loan or a trust if it was securitized by First Marblehead. Also, you must past the hurdle of proving your loan is not a "qualified education loan". You need to read up the definition of "qualified education loan" at the IRS or Department of Ed. Essentially, if your school was not a Title IV or expenses were not part of the schools "Cost of Attendance" or you simply were not an "eligible student", then you don't have a "qualified education loan". Your lawyer probably will not help you at all with these details. READ up yourself.

But you may want to reconsider. You're essentially in the situation that is what bankruptcy was created for. You're underemployed, and heavily in debt, with no way out of it unless you've got a lucky lotto ticket.

When you talk to the financial adviser, keep the option open. In 5 years credit scores will take these crappy economic times into account, and you'll be better off just getting it over with.

[BigBear]

You do realize that TERI went bankrupt themselves recently? So maybe you'll have much more leverage now.


Here's something else I found, that although typically you can't discharge student loans in a bankruptcy, there are circumstances where you may be able to.

Yes, you can file bankruptcy against a TERI loan. You must file an Adversary Proceeding in order to discharge a Student Loan. It is normally difficult to discharge student loans. TERI has essentially removed themselves from the student loan guarantee business, leaving the loans unguaranteed by a non-profit. This does not mean your loan will automatically be discharged. Upon default, your loan will become owned by the bank whom issued the loan or a trust if it was securitized by First Marblehead. Also, you must past the hurdle of proving your loan is not a "qualified education loan". You need to read up the definition of "qualified education loan" at the IRS or Department of Ed. Essentially, if your school was not a Title IV or expenses were not part of the schools "Cost of Attendance" or you simply were not an "eligible student", then you don't have a "qualified education loan". Your lawyer probably will not help you at all with these details. READ up yourself.

But you may want to reconsider. You're essentially in the situation that is what bankruptcy was created for. You're underemployed, and heavily in debt, with no way out of it unless you've got a lucky lotto ticket.

When you talk to the financial adviser, keep the option open. In 5 years credit scores will take these crappy economic times into account, and you'll be better off just getting it over with.

Interesting. No I did not know. Thank you.

[arz]

BB: where are you?


I need a private piano and cello instructor for my 12 year old. She's got the gift neither me nor my wife have. We'd like to help her make the most of it.

[BigBear]

BB: where are you?


I need a private piano and cello instructor for my 12 year old. She's got the gift neither me nor my wife have. We'd like to help her make the most of it.

I'm in the Springs.

I am a brass player though. Even though I am knowledgeable in the pedagogical aspects of piano and strings, I would feel of better service to you to give you contact info for persons who actually play those instruments. I know a FANTASTIC piano player (played with the Falcs, Presidents Own, etc that's here in town) Cello might take a few days, but I know there are a few in the CO Phil that do teach lessons. PM if you'd like that information.

Contrary to popular belief: Just because I'm a musician does not mean I can play every instrument under teh sun! NEED MORE COWBELL!!!... Though I do play a mean "Hot Cross Buns" on piano....

[henpecked]

But you may want to reconsider. You're essentially in the situation that is what bankruptcy was created for. You're underemployed, and heavily in debt, with no way out of it unless you've got a lucky lotto ticket.

When you talk to the financial adviser, keep the option open. In 5 years credit scores will take these crappy economic times into account, and you'll be better off just getting it over with.

Listen to what this man says.............And keep all options open

Your not the first and you certainly wont be the last to do a bankruptcy

[rhineoshott]

I applaud you Bear on your views on bankruptcy, I believe that is the proper way to think and act.

Let me just encourage you to work very very hard. Are you willing to work 4 jobs and only sleep 3 hours a night? It may take that. Obviously such a lifestyle would temporary.

Don’t let ego or pride get in the way, there is a valuable lesson to be learned here. You don’t want to prevent yourself from at least taking that away from this situation it (otherwise what’s going to keep you from falling back into the same rut again?). Maybe living in your Grandmother’s house isn’t such a bad idea (except finding another job).

Debt is slavery. As a man, you cannot be a slave. You must fight bondage with your life; whatever it takes you must be free (not from authority, bondage).

Do not just scrimp on dollars, but keep account of every minute of the day. Time is how you’re going to win this battle; you have to control your time. I noticed your mention of not even having cable. I don’t have cable, I don’t have any tv, and it’s not because I can’t afford it, I can. It wastes time. Time is your biggest asset, not money. You mentioned wanting to have free time to spend with your wife, that’s good. Have you thought about taking all the time you spend on this site and spending it with your wife? Then take all the rest of your free time and work efficiently. Now I’m sure that I’m over simplifying, but I’m talking principles here. You might try to take every time you’re distracted from work to spend time on this site or whatever and instead use that time to just stare at a clock for the amount of time you would have been detained. As much as I enjoy reading your posts and you input on this site, you’ve got to look at what’s important here. I think you would be willing to make such a sacrifice if it would be an ingredient to lifting yourself out of the mire.

I’m sure you’ve heard this before but, take responsibility for where you are, for the choices you made. As much as you were deceived by your school, you did decide to go there and had the opportunity to leave whenever you thought it would be wise. You can’t blame your circumstance on anyone/anything else, even if they are to be blamed for the majority of it. You will go crazy if you do that. It will only lock you down to where you are. If taking the entire responsibility for it all depresses you, that is natural and good. Let it drive you forward and up.

Press on man. Don’t resign yourself to the awful fate that is clawing at your ankles. Rise up each morning with vigor, then drop into bed each night exhausted. Don’t stop when you are tired.


Please don’t anyone take this as a dis to this site, that is not at all my intention. This man needs to examine the productivity of everything he does, including this forum.

[CareyH]

First, Dave Ramsey is the man.

Its hard to give someone advice on one aspect of there money situation and not know the whole picture.I of course would not want you to put every single part of your life out here for everyone to read.

Like I have heard dave tell people, you dont have a debt problem you have an income problem. look into Delivering pizza's at night, that will get you 1500ish bucks a month. It will be uncomfortable and suck.

If you guys have car payments, sell the cars and buy a beater. that will be more money towards you debt.


Outside of this money crunch, the most important thing you need to do is hold your wifes hand and tell her you love her.(I know i sound a little queer but) money problems are the number one cause of divorse. So during these tough times hold her close.

In the end they may force you into bankruptcy, but I would personlly use that as a last resort. if they are garnishing your wages and you cant keep the lights on that might be your only choice.