[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 207 KB, 720x420, pepe-tuxedo-avengers-bow.jpg [View same] [iqdb] [saucenao] [google]
53555135 No.53555135 [Reply] [Original]

Let's say, hypothetically, that I refuse to pay back my student loans because fuck the federal government and I just ignore all the debt collectors. What is realistically the worst they could do to me? I know you can't discharge them with bankruptcy. What are the chances that the economic depression we're about to enter collapses the US government entirely? Fuck Jews btw

>> No.53555152

>>53555135
They can take your property as recompense.

>> No.53555179

>>53555152
I don't own any property, I'm poor.

>> No.53555312

>>53555135
They can garnish your Social Security but anyone under 50 likely won't get any anyway.

>> No.53555319

>>53555312
I'm in my early 30s I will probably never recieve social security. I am reading that they can garnish wages and tax returns, I can mitigate the tax returns issue, but wage garnishments would be tough. Under what circumstances do they initiate wage garnishments?

>> No.53555366

>>53555179
Then all they can really do is take any future earnings you might have. If you never have any future earnings, then the govt loses everything they loaned to you. Thing is, most people want to earn something at some point in their life. Which is what the govt was betting on when they loaned to you in the first place.

>> No.53555386

>>53555179

They can garnish anything you potentially could earn be it paycheck, social security, unemployment or food stamp benefits, anything you might inherit. You'd have to avoid interacting with the entire financial system in all but the most rudimentary forms to not have something they could take from you somehow.

>> No.53555402
File: 13 KB, 255x247, pepe-loser-forehead.jpg [View same] [iqdb] [saucenao] [google]
53555402

>>53555366
Well then they bet like an idiot. I only did it because it was that or kill myself because I hated working.

>> No.53555430

>>53555179
There are income based repayments plans where if you are poor enough, your monthly bill is literally $0, and in 20 years the debt is forgiven. There is also expected to be a change soon that will increase the amount you can earn without having to pay. The one I'm on is REPAYE.

>> No.53555431

>>53555319
You can always leave the country and work abroad and under a certain amount you don't have to pay US taxes. I've heard of people doing that when they rack up hundreds of thousands in student loans. Just don't have any assets back in the states that debt collectors could take.

>> No.53555433

>>53555319

Whenever your creditor, being a collection agency or government agency is awarded a judgment in their favor on the debts owed, the court can serve a writ of garnishment to you and your employer. Your employer can face stiff penalties for not complying or circumventing the garnishment. You do not have to be present for any of this process to occur but they do have to know who you are and through tax records it isn't hard to find out who you work for.

>> No.53555432

>>53555402
Every bet has risk. Even bets made by the federal government. The interest rates you received were set accordingly

>> No.53555448
File: 1.09 MB, 1176x1500, 1675108403585012.png [View same] [iqdb] [saucenao] [google]
53555448

>>53555402
>>53555432
wrong, the government isn't allowed to deny people student loans.

Which is why it's funny when 18 year old zoomers bitch about people making bad loan decisions; well duh, they didn't have a choice. No bank would loan you that money.

>> No.53555454

>>53555431

For this to work you do have to consider which country your headed to and make sure they don't have an extradition treaty with the US because you can still get nailed for tax evasion and extradited.

>> No.53555477

>>53555430
How do I get on that? I literally work a McJob

>>53555433
and my employer wouldn't jump on that bullet for me anyway. So they have to pay to go to court to get awarded? How much debt would make that a worthwhile investment for them?

>> No.53555508

>>53555448
At the micro level you’re right but at the macro level you’re wrong. In theory, if too many people didn’t repay government loans then the politicians that set government policy would need to raise rates or else face the political repercussions of making up the shortfall with different revenues from elsewhere. How effective you think this feedback system works is a different matter..

>> No.53555520

>>53555477
You can switch your payment plan on studentaid.gov.

>> No.53555541

>>53555520
thanks anon, appreciate it.

>> No.53555542

>>53555477

Considering your debt has probably passed through a few hands at fractions of their original valuation each time it will eventually get to the point that any return is profitable. It's a race to the bottom and there will be someone out there willing to cave your financial face in for a penny of profit.

>> No.53555578

>>53555542
But if my debt is no longer held by the government, can they still initiate wage garnishments? I thought the government could only do that for debts you hold owed to them

>> No.53555622

>>53555578

Any entity public or private can seek remedy for unpaid debt through the court system. And it's the courts that ultimately initiate the garnishment process.

>> No.53555639

>>53555622
I wasn't aware private entities could get wage garnishments, good to know.

>> No.53555647

>>53555639
knowing is half the battle