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In a highly watched court case the highest NYS court has ruled RS leases are considered "public assistance benefits" that is same as welfare. This case grew out of a bankruptcy case where a landlord offered to pay a tenant a lump sum to surrender her lease.
Considering the liberal/progressive nature of NYS courts the decision shouldn't come as a surprise.
if you owe student loans they can take it out of your social security
eventually
Student loans are a special animal made with the full knowledge that they are being issued as bad loans from the get-go. The only alternative to going after every penny is for the taxpayer to assume the debt.
You know and I know and the government and the students know that most of the student debt is GOING to default very soon and the government will print money to cover the losses...just like they did with the bad housing mortgages.
But at least in the latter case there was often SOME equity in the mortgages, some brick and mortar. In the case of the student debt the only thing behind it will be a smiling, unemployable, 20-something face.
And the debt load will be horrendous for society and an army of poor, unemployed University of Phoenix graduates with $100,000 -$200,000 in debt.
When you make a loan to a "cute kid" with nothing going for him, it seems logical that the constraints MUST be tighter.
a creditor is a creditor is a creditor and all should not be able to hit certain assets . one should not be allowed to take a public benefit and other not.
a creditor is a creditor is a creditor and all should not be able to hit certain assets . one should not be allowed to take a public benefit and other not.
Can I presume you would want that Dickensian rule applied to CORPORATE bankruptcies as well? Or do they just get the debt written off and then proceed doing business as usual, as they do now and keeping all future profits?
For the same reason that corporations, who are legally "people" says the Supreme Court, can shield huge quantities of assets from the bankruptcy courts.
The founding fathers believed that debtors deserved a second chance and this theory persists today in spite of George W. Bush attempt to keep bankruptcy protection only for the immensely wealthy.
Society determined that a lifetime of debt, and even debtors' prisons were not compatible with a fair and free society.
The principal of bankruptcy is not complicated: you settle up all you have upon your creditors and the debt is removed. Yes there have been unconstitutional attempts to saddle people with debt forever but eventually the courts will see the light and strike these attempts down.
In a highly watched court case the highest NYS court has ruled RS leases are considered "public assistance benefits" that is same as welfare. This case grew out of a bankruptcy case where a landlord offered to pay a tenant a lump sum to surrender her lease.
Considering the liberal/progressive nature of NYS courts the decision shouldn't come as a surprise.
When I read your headline of the thread, I thought it would be about banning people who make above welfare income limits from having rent stabilization, thus freeing up a huge amount of apartments held hostage by 6 figure income earners. Too bad it's about a different thing.
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