tag:blogger.com,1999:blog-5164886390834386622.post152996176825022786..comments2023-10-30T08:41:06.178-07:00Comments on Inside the Law School Scam: The Road to Serfdom -- Part IILawProfhttp://www.blogger.com/profile/05174586969709793419noreply@blogger.comBlogger110125tag:blogger.com,1999:blog-5164886390834386622.post-14613710411604506842013-02-06T10:20:38.976-08:002013-02-06T10:20:38.976-08:00Please let me know if you're looking for a art...Please let me know if you're looking for a article author for your blog. You have some really great articles and I think I would be a good asset. If you ever want to take some of the load off, I'd absolutely love <br />to write some material for your blog in exchange for a link back to mine.<br /><br />Please blast me an e-mail if interested. 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Why they'd follow W.'s advice and go shopping! You want increase demand for American goods and services? You want to kick-start the next housing bubble? Just take the debt monkey off the backs of hundreds of thousands of potential big-ticket consumers and watch us spend with a vengeance. Debt forgiveness for all!!<br /><br />But then I remembered that we aren't just talking government loans but private loans too, issued by private banks. And we can't waive those obligations - that would be socialism! And we can't have that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-2814569013257021942011-08-27T11:42:36.554-07:002011-08-27T11:42:36.554-07:00Congrats, 9:23. Most of the rest of us just have m...Congrats, 9:23. Most of the rest of us just have middle or lower-middle class parents who either can't foot the bill or could pay it with desperately needed money in their retirement accounts or use the home equity they don't have anymore. Maybe they can help with a roof (or basement ceiling) over our heads and some food, but they can't make those payments to Aunt Sallie. And the numbers seem to suggest the kids graduating with large numbers of debt outnumber the ones who don't.<br /><br />I agree with the price controls though. Schools should either be able to justify their 50K tuition through demonstrated biglaw or high paid jobs (through an auditing system so they can't game the stats) or have it capped at 20-25K.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-90255707106053851622011-08-27T09:23:27.502-07:002011-08-27T09:23:27.502-07:00"Where did you get that number? You sound lik..."Where did you get that number? You sound like Professor Henderson from 1:41pm."<br /><br />Just my general impression from talking to other kids. I myself am from such a wealthy family. My parents didn't need to take out a mortgage on their house to help me. Over the last 20 years, they have probably paid about $250,000 for my college, law school, and in general to help me in life. Probably it was worth it to them if only so that they can tell their fancy friends that their son went to a top 5 college and law school.<br /><br />My parents still had plenty of money to retire early. <br /><br />"You're a professor trying to contrive excuses for your gravy train."<br /><br />Not at all, I think that law school needs to be reformed. I think that the government needs to introduce price controls, i.e. if schools want to be able to accept government loans then they must keep their tuition below a certain level.NAMEnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-56551648792639416752011-08-26T08:19:52.503-07:002011-08-26T08:19:52.503-07:00I haven't read through the comments, so I don&...I haven't read through the comments, so I don't know if this was mentioned already, but the other big issue that should be considered when talking about debt is that the merit scholarship programs offered by law schools create a debt disparity that ironically results in graduates who get the highest paying jobs having the lowest amount of debt. <br /><br />For example, I had a good undergrad GPA and a great LSAT score and was offered a full tuition scholarship from a T30 school. I still had to take out some loans for living expenses but graduated with about 40k of debt instead of 140k+. But the real disparity appears when you consider that I graduated in the top of my class and therefore I got the BigLaw job. So now I'm a year out of law school making 150k a year with 40k debt and my friends in the middle of the class who didn't have scholarships have all the debt and no jobs (or low paying jobs).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-46198881668335443252011-08-26T05:47:35.128-07:002011-08-26T05:47:35.128-07:00"Another chunk of law students, perhaps anoth..."Another chunk of law students, perhaps another 10 percent, are Black or Hispanic kids who are offered generous grants which are called "financial aid" but which are really just a special discount to encourage the person to enroll."<br /><br />WTH?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-40627915777737399622011-08-26T05:46:31.198-07:002011-08-26T05:46:31.198-07:00"I agree that average debt doesn't tell t..."I agree that average debt doesn't tell the whole story. A certain percentage of law students, perhaps as much as 20 to 30 per cent are from wealthy families which pay much or all of the tuition and also are in a position to pick up the student loan payments if their son or daughter is unable to."<br /><br />Where did you get that number? You sound like Professor Henderson from 1:41pm.<br /><br />And using your desperately needed retirement money to pay your child's student loan isn't prudent and parents shouldn't have to do that.<br /><br />You're a professor trying to contrive excuses for your gravy train.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-18724550619284890252011-08-26T05:44:32.542-07:002011-08-26T05:44:32.542-07:00"Bankruptcy lawyer at 8:29 appears to be enco..."Bankruptcy lawyer at 8:29 appears to be encouraging fraud. He, and anyone who takes his advice, should be disbarred."<br /><br />Right, but the law schools using cooked employment statistics to trick people into going into that debt should be allowed to continue doing what they do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-49644260226465527812011-08-26T04:57:00.584-07:002011-08-26T04:57:00.584-07:00Problem with bankruptcy attorney's post, it se...Problem with bankruptcy attorney's post, it seems to me, is that the second the payday loans start defaulting, they'll usually go to collections agencies, many of whom DO report their activity to the credit reporting agencies. Most good collections agencies look at a credit report first thing and try to see where the money's going, if there's fraud, etc. When they're collecting on behalf of the CCs and payday loan companies, they're going to see a giant student loan balance that's being cut down in a hurry with a very high number of trades. It's not going to take a genius to figure out that they're siphoning the money to the student loan. The odds of an objection might be low, but when you involve 25+ creditors in this scheme, the odds of an objection go up, and all it's going to take is one for the bankruptcy judge to figure out what happened. Remember that all of these people have access to your credit report and the student loan balance will show long after 1 year.Calvin Westnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-75432939793407182032011-08-26T04:21:19.531-07:002011-08-26T04:21:19.531-07:00I agree that average debt doesn't tell the who...I agree that average debt doesn't tell the whole story. A certain percentage of law students, perhaps as much as 20 to 30 per cent are from wealthy families which pay much or all of the tuition and also are in a position to pick up the student loan payments if their son or daughter is unable to.<br /><br />Another chunk of law students, perhaps another 10 percent, are Black or Hispanic kids who are offered generous grants which are called "financial aid" but which are really just a special discount to encourage the person to enroll.<br /><br />So that the situation for middle class White kids is probably a lot worse than the average debt figures tell you.<br /><br /> <br /><br />If you average in these fortunate soulsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-510035930568303742011-08-26T03:49:40.071-07:002011-08-26T03:49:40.071-07:00At 3:39,
Defrauding pay-day lenders and credit c...At 3:39, <br /><br />Defrauding pay-day lenders and credit card companies? They traffic in human misery and are owned by large banks that the government bailed out. I could sleep pretty easy. <br /><br />Funny how law school is turning us into criminals by necessity. <br /><br />As the boss says, "I've got debts no honest man can pay."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-44189669113552498732011-08-26T03:39:36.240-07:002011-08-26T03:39:36.240-07:00Educational loans for law school should be non-dis...Educational loans for law school should be non-dischargeable and non-subsidized. The first so that the market for the loans exists. The second because there's no way the state should be subsidizing professional degrees, except, possibly, those who go into public service. <br /><br />Bankruptcy lawyer at 8:29 appears to be encouraging fraud. He, and anyone who takes his advice, should be disbarred. Because the world's given you lemons, that doesn't mean you should throw them at someone else. Your debt, your responsibility.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-29944188809908743052011-08-26T02:37:18.908-07:002011-08-26T02:37:18.908-07:00@9:19
reread bankruptcy atty's post again.@9:19<br /><br />reread bankruptcy atty's post again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-34807218575443437842011-08-25T21:23:33.353-07:002011-08-25T21:23:33.353-07:00Also, a lot of payday lenders will send collection...Also, a lot of payday lenders will send collection agents to your job. I don't know enough about the payday loan business model to say when it's worthwhile for them to come after you but my guess would be anything above $500.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-418249291908240762011-08-25T21:19:46.699-07:002011-08-25T21:19:46.699-07:009:15
You would have to file the bankruptcy pretty ...9:15<br />You would have to file the bankruptcy pretty soon after you took out the payday loans, most of which have a term of 2-4 weeks. They are pretty aggressive about recovering money when they know you have steady employment so you'd probably have to file no later than 4 months after you took out the first loan.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-85731458686944701042011-08-25T21:15:22.096-07:002011-08-25T21:15:22.096-07:00"Except that if you have a job the payday len..."Except that if you have a job the payday lenders will garnish your wages. You did after all provide them with a paycheck so they know where you work..."<br /><br />You do understand the concept of bankruptcy?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-63303674701533669112011-08-25T21:09:11.110-07:002011-08-25T21:09:11.110-07:00Except that if you have a job the payday lenders w...Except that if you have a job the payday lenders will garnish your wages. You did after all provide them with a paycheck so they know where you work...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-58157375209217823022011-08-25T20:41:52.454-07:002011-08-25T20:41:52.454-07:00lol @ 839. true. i read every word of bankruptcy l...lol @ 839. true. i read every word of bankruptcy lawyer's post.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-65712560621102962512011-08-25T20:39:22.274-07:002011-08-25T20:39:22.274-07:00You know the problem has almost reached a tipping ...You know the problem has almost reached a tipping point when the above provides hopeDanhttps://www.blogger.com/profile/15729532031872959652noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-83546702673292873442011-08-25T20:35:32.733-07:002011-08-25T20:35:32.733-07:00Sorry for the typos in the above post - tired and ...Sorry for the typos in the above post - tired and lazy. <br /><br />Also, don't let people tell you bankruptcy ruins your credit for 10 years - that's not true. I have clients buying houses with 1 year after filing. Almost anyone making $40k per year who is a single filer should qualify for Chapter 7 in any district in the US.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-7832417702670555082011-08-25T20:29:23.194-07:002011-08-25T20:29:23.194-07:00Bankruptcy attorney here, setting aside the fraud ...Bankruptcy attorney here, setting aside the fraud issues, charging an otherwise non-dischargeable debt on a credit card (e.g., student loans) does not alter the original dischargeability of the loan. The credit card companies can object to the dischargeability of your debt; however, the creditors have to notice it and file an adversary. There's a 3 1/2 month objection period for dischargeability in Chapter 7 from the date of filing. Add another year if fraud is involved.<br /><br />The "preference period" is only the 90 days prior to filing the bankruptcy case, but the farther from the date of filing you pay off debts, the less conspicuous your bankruptcy filing looks.<br /><br />If you're really serious about getting rid of the loans, it'd have to be a multi-year process. The better credit you have, the easier. <br /><br />How to Get Rid of $100K of Student Loan Debt:<br /><br />If you land a job after graduation making $40,000 per year, after taxes you're making $2,600 per month. If you spend your 33% on rent and 15% on transportation (car payment), that leaves $1,300+ to spend on student loans. All your utilities, food expenses, clothing, gas, etc. can be put on credit cards (you typically can't pay rent and car payments on a credit card). The key is that you're paying your student loans out the WAGES you earn.<br /><br />$1,300 over 60 months = $78,000. <br /><br />If your credit is decent, you can keep swapping balance transfers to defer payments or call the credit card companies and negotiate 0% for multiple months. More card offers will come in the mail. As long as you don't default on the cards (i.e., minimum payments), you'll maintain fair credit. I just met with a woman tonight who makes $30k per year and had over $53,000 in credit extended to her in the last 5 years and a 700+ credit score. I'll be wiping out all of her debt via Chapter 7 bankruptcy in 3 months time.<br /><br />In addition to the above, you should set up a couple of shell bank accounts, and start taking out as many payday loans (via the Internet and in person) as possible. All you need is a pay check and a bank account. Don't use the bank account you actually want to keep - because these people are bastards. You can easily rack up $22,000 of payday loans within a year (once again, I've seen clients with multiple filing do this). They key is to diffuse a large amount of debt over many creditors. By keeping the debt amount small, but the creditors multiple, you lower the risk of an objection. This additional $22,000 should be paid off to student loans incrementally ($367/mo over 60 months). Oh, by the way, payday loans rarely report to the credit bureaus either, so it's not likely to hurt your credit score.<br /><br />You should also be able to take out some cash advances and personal loans to supplement the above plan - also dischargeable in bankruptcy. Once again, keep them small and plentiful across a variety of different creditors.<br /><br />I would wait at least a year from my last student loan payment just to let the dust settle before filing the case. Given the volume of bankruptcy filings, I would say it's highly unlikely that anyone would detect your scheme. The major credit companies are the only ones who retain counsel. If your only charges are necessary living expenses, it's unlikely they will ever object. <br /><br />Also, once you've passed the state bar character and fitness requirements, filing bankruptcy shouldn't be a big deal. We have older bankruptcy attorneys in our district who filed bankruptcy, including one who discharged his student loans back in the 1980s. <br /><br />Enjoy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-22261817266446506892011-08-25T20:17:21.977-07:002011-08-25T20:17:21.977-07:00I found this blog today and, as an undergraduate s...I found this blog today and, as an undergraduate student considering law school, have had my eyes opened.<br /><br />Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-68020639061480604462011-08-25T17:59:08.517-07:002011-08-25T17:59:08.517-07:00"Instead of going to debt servicers in little..."Instead of going to debt servicers in little bits over long periods of time, the money being spent to pay student loans now might be put to better use paying for food or clothing or cars or electronics or housing or whatever else."<br /><br />Oh don't worry, your money is being put to use to pay for all those things listed....just not by you but by the people who profit from all this. Hence the title of this blog.Anonymousnoreply@blogger.com