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Online mystery-ak

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« on: August 06, 2012, 09:21:50 AM »

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Offline R4 TrumPence

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« Reply #1 on: August 06, 2012, 09:58:21 PM »
What a nice story! Her mom works to support her family and doesn't expect the Gov't to do it for her! How refreshing!


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Online truth_seeker

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« Reply #2 on: August 06, 2012, 10:24:51 PM »
Single mother of 4 "retiring" seems like the current expectation for the entitlement generations.

Already getting Social Security for what?

Offline TheMom

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« Reply #3 on: August 06, 2012, 10:56:05 PM »
Already getting Social Security for what?

I asked the same question.
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Offline sinkspur

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« Reply #4 on: August 06, 2012, 11:05:26 PM »
She filed bankruptcy over $80 grand, with twice that in assets?

Something's wrong with this picture.
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Online jmyrlefuller

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« Reply #5 on: August 07, 2012, 06:51:27 AM »
She filed bankruptcy over $80 grand, with twice that in assets?

Something's wrong with this picture.
It WAS chapter 13, so some of those assets were probably non-liquid (e.g. the house). Chapter 13 is when you arrange with your creditors to pay off the debt in an installment plan through wage garnishments and the like. In that case, the government recognizes your ability to pay and doesn't write off any of the debt.

Online Oceander

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« Reply #6 on: August 07, 2012, 07:38:10 AM »
It WAS chapter 13, so some of those assets were probably non-liquid (e.g. the house). Chapter 13 is when you arrange with your creditors to pay off the debt in an installment plan through wage garnishments and the like. In that case, the government recognizes your ability to pay and doesn't write off any of the debt.

Actually, in a Chapter 13 bankruptcy, the debtor agrees to pay on the debts out of so-called "disposable income", generally for a period of 3 to 5 years, and if any of the debts remain unpaid after that period they are discharged.

The statements in the original article about the debts is not as clear as it could be.  As per the article, she is "$80,000 in arrears" - which means that the amount of her unpaid bills alone is $80,000, not that her total debts are $80,000.  Most of her actual debt - as opposed to the arrearages she owes - is most likely composed of the mortgage on her house and her student loans.  Although it's impossible to know what her actual debt/asset ratio is from the article's description, when the mortgage and the student loans are added together, her debts most likely exceed her assets.

Online mountaineer

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« Reply #7 on: August 09, 2012, 08:21:44 AM »
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