Sends it back to lower courts to finish before coming back to them: Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan (aol.com) Dictators Biden and Harris are having their authoritarian action shoved right back at them. JMHO, when it does get finished and brought up to SCOTUS, it'll be blocked again. When will this authoritarian administration learn it is congress that controls the purse strings, not the executive. Seems simple enough to me. WASHINGTON (AP) — The Supreme Court on Wednesday kept on hold the latest multibillion-dollar plan from the Biden administration that would have lowered payments for millions of borrowers, while lawsuits make their way through lower courts. The justices rejected an administration request to put most of it back into effect. It was blocked by the 8th U.S. Circuit Court of Appeals. In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.”
100% on board with this and would be no matter who is President. You want to forgive debt to the federal government, pass a law. And in that law specify how we aren’t going to just be forgiving student debt again 10 years from now when everyone starts maximizing the borrowing of loans they do not intend to pay back.
Also against it, I have paid off my kids student loans (well almost have one year left on the last of 3).
Said it before, while I'm against across the board forgiveness of student loans, student loan borrowers should have the same opportunity to discharge their debt through bankruptcy as an incompetent real estate developer who do so six times. I would also add that a lot of the same individuals who have been implying at that student loan borrowers for whom repayment of their loans is a significant burden are dead beats have no problem supporting said real estate developer for the most powerful elective office in the world.
Do you know bankruptcies don't always end in discharge of debt? For most businesses, bankruptcy ends in a reorganization of their debt. Your TDS is strong grasshopper.
I waited tables in college. Some of my most fond memories. Met a great deal of fantastic people. One of my buddies worked two jobs as a full time student to get his finance degree. How pissed will he be if someone just borrowed money, didn't have to repay, and got some worthless degree? It is just vote buying.
That’s not even close to being true. 18,926 business bankruptcies in 2023 and less than 1% of them were Chapter 11 reorganization bankruptcies. All the rest were Chapter 7 liquidations. I don’t have the stats but I would be willing to bet a lot of money that the vast majority of the Chapter 11 reorganizations involved some debt cancellation too.
Disingenuous post and I'm sure you know it. Even best case when there is a reorganization it often results in debt cancellation or at least much better terms which most always represents a hit to creditors. If it didn't, why do it. As for tds, props to your guy, he is the master of taking advantage of bankruptcy laws at the expense of his creditors, subcontractors, etc, etc.
He knows, just doesn’t care. I’ll bet most here have no clue as to the terms of the bankruptcies they love to throw around. I’m sure some will google it now however.
I think you all need to look into this a little more. These programs do more than just give freebies to snot nosed kids. Income-driven options have been offered for years and generally cap monthly payments at 10% of a borrower’s discretionary income. If a borrower’s earnings are low enough, then, yea, their bill is reduced to $0. There also exists forgiveness for public service. All Biden did was raise the number of low income waivers who qualified from around $18,000 of annual income to about $33,000. Now the whole program is in flux and 4 million people who are enrolled are confused about how they will afford their interest payments.
Google says you are dead wrong. All bankruptcies discharge debt or they wouldn’t file. 2/3rds of bankruptcies sell off what you have and wipes out the rest. 1/3 of bankruptcies reduce debt and settle on a 5 year payment plan. Bankruptcy Statistics [Updated For 2024]
Wrong: Chapter 11 Bankruptcy: What Is It & How Does It Work (debt.org) Used you site which was so easy to find Chapter 11 is reorganization unless rejected by the creditors. When you lefties claim Trump is a "dead beat," It just simply isn't even more true than when you repeatedly say Trump is a racist.
Almost all Chapter 11's end in discharged debt. Not all, but almost all. And they account for 2% of all bankruptcies.
What you posted doesn't say that at all. Trump reorganized so creditors had to approve, not a dead beat that had debts discharged. Done with bankruptcy unless you can show me proof Trump had his reorganizations rejected by his creditors.
Of course you are done. Trump paid as little as 10 cents on the dollar to some of his creditors and totally welched on contractors and employees. That's bankruptcy. How Trump’s Casino Bankruptcies Screwed His Workers out of Millions in Retirement Savings – Mother Jones
Don't know to whom you are responding as they've been flushed but it's apparent, they're not familiar with the concept of a "creditors' committee" in a Chpt 11 reorg.
