--- Chris Doss <chrisd at russiajournal.com> wrote: >
>
> Anybody out there know what happens if I default on my
> unpayable student
> loan? Credit destroyed? Life ruined? First-boen child
> sacrificed to Baal?
>
It could prove irksome, one has to say. Even under current US bankruptcy law, student loans are appreciably more difficult to default upon than anything else. The student loan people can and regularly do chuck liens about on anything tangible they can get their hands on, and the courts are often much keener to let them get their hands on your paycheck. Do you not have any other creditors you might be able to default upon first?
The one bright spot is that you have time to decide; if I understand this correctly, the coming changes in bankruptcy law don't make the treatment of student defaulters any harsher than it already is.
None of the above should be considered anything other than speculative, general and in all probability wrong, and certainly not as practising law in the sense Justin cautioned against a few weeks ago.
dd
===== ... in countries which do not enjoy Mediterranean sunshine idleness is more difficult, and a great public propaganda will be required to inaugurate it. -- Bertrand Russell
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