tag:blogger.com,1999:blog-3266538373986675799.post743247801588841611..comments2023-09-04T02:31:54.104-05:00Comments on Sallie Mae's Bitch: Cosigner Nightmare and Plan CSallie Mae's Bitchhttp://www.blogger.com/profile/06793605433882593904noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-3266538373986675799.post-7732139894685872932012-07-10T16:41:45.708-05:002012-07-10T16:41:45.708-05:00You should never look down on people unless you ar...You should never look down on people unless you are helping them up. Lucky you derogatory anonymous commentor that you can judge people so, lucky you were so smart you didnt become a Sallie Mae victim. Because of people like you there will always be hate and ignorant people, either way you look at it. Your ignorant for your judgements and callous comments, for your utter lack of empathy and sallie mae bitch as well as me since i am a sallie mae bitch too am apprently ignorant for being a victim of a loan shark-sallie mae.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-44439120855879148392011-01-09T22:58:03.557-06:002011-01-09T22:58:03.557-06:00Anonymous 2:58:
Careful, there. Karma is a bitch...Anonymous 2:58:<br /><br />Careful, there. Karma is a bitch. <br /><br />Also: May I suggest therapy, and a lot of it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-12061424848905830762011-01-09T02:58:19.114-06:002011-01-09T02:58:19.114-06:00Just read your blog. What a spoiled little princes...Just read your blog. What a spoiled little princess. Poor baby ... it's everyone else's fault, isn't it? There, there. Why don't you shut the fuck up, and deal with your debts like any other responsible human being instead of dragging your poor parents into your mess, and begging for money with a "Donate" button while you whine and complain like the bitch you are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-88715274490882675802010-08-27T22:21:35.441-05:002010-08-27T22:21:35.441-05:00I think so, but I'm not certain - I keep my ha...I think so, but I'm not certain - I keep my hand in corporate reorganizations, but not consumer bankruptcy. I think the principles are equally applicable, but that's why I suggested you get a hold of a very good bankruptcy lawyer, who will know. Just because the debts are nondischargeable shouldn't alter the questions of priority and preferences in a bankruptcy context. As much as bankruptcy law is intended to protect the debtor, it is equally intended to ensure that creditors in an equal position are treated equally.Cato Renascihttps://www.blogger.com/profile/10202793596976551749noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-74414649808835126152010-08-27T22:08:30.184-05:002010-08-27T22:08:30.184-05:00Thanks for the explanation Cato. I know you are o...Thanks for the explanation Cato. I know you are on my side, I was just giving a humorous sarcastic answer. I sincerely appreciate your dialogue so don't take my response harshly. You gave excellent insight into bankruptcy that I didn't know about. Is any of that applicable to student loans if student loans aren't bankruptable?Sallie Mae's Bitchhttps://www.blogger.com/profile/06793605433882593904noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-90197337085439191332010-08-27T15:07:23.012-05:002010-08-27T15:07:23.012-05:00I think you misunderstood my point, SMB. I'm o...I think you misunderstood my point, SMB. I'm on your side. I was not suggesting you would seek bankruptcy protection, but that it might be used by your creditors against the strategy you were implying. It is important to understand the topology of your situation and the variants on it in order to make good (or least bad) decisions in a difficult situation.<br /><br />Were you to attempt to favor some of your (nondischargeable) creditors over the others - to concentrate on paying the creditors who could affect your parents credit, the ones you did not favor could force you into an involuntary bankruptcy. That would mean that payments you made to the favored creditors would be clawed back and shared out among the others of the same priority pro rata -- leaving your parents on the hook for most of the co-signed loans, which would then be in default and accelerated. <br /><br />You need to read all the loan documents to see exactly what the defaults (and cross-defaults, if any) are, but bankruptcy is almost always a default.<br /><br />I am under the impression from your previous posts that your primary concern at this point is your parents' credit, as it affects not only their peace of mind, but their own financial security and home. <br /><br />I make no assumption, but at least exploring the possibility of your parents paying the loans they've co-signed off is worthwhile to protect them. While not all retired people have that kind of money lying around, many do have resource they could tap - even if inconveniently. Even if you ultimately commit (morally and/or legally) to contribute an equivalent amount to your parents in later years, so that they are long term revenue neutral, they might have more piece of mind if the loans on which they were cosigners were paid off, freeing them from worries about their own credit and losing their house. Understand also that if your parents pay, there are potential tax issues to consider.<br /><br />There will be a way to thread through this that you can live with, but I also know it will be one of hardest things you've ever done. Have Faith and persevere. I know you can do it.Cato Renascihttps://www.blogger.com/profile/10202793596976551749noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-22924011994406563282010-08-27T10:38:24.491-05:002010-08-27T10:38:24.491-05:00Thanks for the warm welcome Angel. It's an ho...Thanks for the warm welcome Angel. It's an honor to get any kind of a compliment from a well-versed blogger like yourself. Blogging has been the most therapuetic thing for me in dealing with this student loan situation. I'm not sure there's much help for me either b/c I make too much (even though I work for a non-profit) or b/c I have private loans. Sucks to be middle class. Stay tuned for my post about why I can't afford to be middle class.Sallie Mae's Bitchhttps://www.blogger.com/profile/06793605433882593904noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-26489025003988233582010-08-27T10:31:21.860-05:002010-08-27T10:31:21.860-05:00Thanks Cato! No one is going into bankruptcy b/c s...Thanks Cato! No one is going into bankruptcy b/c student loans aren't bankruptable. And there are no cross-default provisions that I'm aware of. Paying off the loans they co-signed on would be ideal. So I'm sure they will just pluck $63K from that money tree they have in their backyard. I mean most retired people have that kind of money just sitting around right?Sallie Mae's Bitchhttps://www.blogger.com/profile/06793605433882593904noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-36175513058263242342010-08-27T08:18:47.671-05:002010-08-27T08:18:47.671-05:00SMB - this changes the situation significantly. Ho...SMB - this changes the situation significantly. However, you now need to consider the effects of preferring one creditor over another, and whether these loans are cross-defaulted. I'm not sure what areas you practice in, but you and your parents really need to speak with a very good bankruptcy lawyer. If you are forced into an involuntary bankruptcy, you will almost certainly not have the ability to pay one over the other, and any payments you've made on one over the other could be clawed back over some time period (up to a year, maybe only 90 days, depends on the facts).<br /><br />It might be the case that your parents should pay off the loans on which they are co-signers, since they have no liability on the others and the other creditors cannot reach them, while you do what every you are going to do across the board. <br /><br />Disclaimer: I'm not offering legal advice, and I would never counsel anyone to avoid paying a valid debt, and I don't practice in your state.Cato Renascihttps://www.blogger.com/profile/10202793596976551749noreply@blogger.comtag:blogger.com,1999:blog-3266538373986675799.post-76558655232048712942010-08-27T01:49:22.653-05:002010-08-27T01:49:22.653-05:00Hello, SMB. Welcome to the blogosphere. I love yo...Hello, SMB. Welcome to the blogosphere. I love your background. I hope that you continue to blog and figure out a way to help yourself out of this hole, or discourage people while you try. :) Email me about yourself when you get a chance!Angelhttps://www.blogger.com/profile/07820446523257638689noreply@blogger.com