gramcracker
Indentured Cat Servant
- Joined
- Mar 13, 2010
- Messages
- 1,693
- Reaction score
- 99
^^^ that's what I've said from the beginning. setting aside BKs involving businesses, corporations, etc there are basically two types of individual BKS. the debtor with a very large amount of debt falls into the "poor me" category where it's determined, after an examination of their circumstances, that the debtor cannot reasonably be expected to pay their debts. the obligations are forgiven/discharged (with a tax credit for the debt holder) and everyone moves on
the debtor with a smaller amount of debt falls into the "you will pay no matter how long it takes" category where it's determined, after an examination of their circumstances, that the debtor can reasonably be expected to pay their debts. the debtor lives on a court-ordered budget and must comply with a court-ordered payment plan
JB's 300k is the amount that pads her debt and bumps her into the forgiveness category. she doesn't want her age and prospective number of years in the work force to indicate that she can be expected to pay up, even if it takes 20 years, and she does not want to live on a court-ordered budget and satisfy a payment plan. JB's 300k absolutely is the crux of the matter
the debtor with a smaller amount of debt falls into the "you will pay no matter how long it takes" category where it's determined, after an examination of their circumstances, that the debtor can reasonably be expected to pay their debts. the debtor lives on a court-ordered budget and must comply with a court-ordered payment plan
JB's 300k is the amount that pads her debt and bumps her into the forgiveness category. she doesn't want her age and prospective number of years in the work force to indicate that she can be expected to pay up, even if it takes 20 years, and she does not want to live on a court-ordered budget and satisfy a payment plan. JB's 300k absolutely is the crux of the matter