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This should work out well - No parties at UT this fall?

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On 7/31/2020 at 9:03 PM, swraith said:

The university can say whatever they want. Parties are still going to happen on Riverside. 

Yeah, and APD is salivating preparing for the gangbang. 

APD just got the green light to ticket the hell out of an entire college party. At $200 per, Austin can make up on some lost citation revenue. 

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1 hour ago, AUS-97HORN said:

 

Long CSB below, tl;dr  back in the 90s the BK  laws were a lot different than now- sorry Gen Y...

 

one of my classmates  (cant remember his name) that I shared like 6 classes with over the years (same LibArts major) ended up in a psychotic amount of debt by the beginning of our 2rd year.  We had an economics class that semester and personel CC debt came up. Dude volunteered that he already had like 9 credit cards with $20k credit lines on them. and he had partied hard, and his apartment let him pay his rent on the CC. He just kept balance transferring from 1 card to another, and getting a new card that would start out with a $10k limit that he promptly transferred to.  Econ professor tried to help him out, but the kid realized hes wasnt gonna pay off $100k+ of CC debt anytime soon.   Whole class was like "DAMN"

Not sure if the professor gave him the idea or if he had a fucking lightbulb moment, that I will explain below.

But come the middle (maybe end?) of our 3rd year (pretty sure it was our last class together), we were in some class together again and I asked him about how he was doing.

He's like, yeah Im doing great, I declared bankruptcy and im fine now.   

Me:  uh......

Me, being partially financially aware, I was thinking dude.... you just totally fucked your credit for life.   turned out.... I was thinking wrong. 

 

I pried a bit, and he admitted after that Econ class he knew he was fucked and his parents werent going to help out.  So he went out and basically asked every single card to extend his credit line, got a few more cards, then proceeded to put every single purchase he could on those cards, including rent and he even bought a basic used car.   He even told me that he pre-paid his next 2 years rent on the cards, and bought furniture, all his university classes.   He basically maxed out every card, bought stuff he could resell for 50% on the dollar for cash. and declared BK.  But he had learned his lesson and kept 1 card without a balance on it, and left that alone, only using a debit card. 

He said the card companies went apeshit, but there were no cosigners on his cards, and he had put student as his job and whatever his summer job was for income.    So when he went before the BK judge and the judge asked where the hell was the ~$300k+ worth of shit, kid basically claimed dumb college student, partier, parents wouldnt help him out, and he got so underwater that he kept transferring balances and didnt know how much of what he owed was actually stuff and how much was interest.

He did say that the card companies checked his accounts, and wanted the car, but his lawyer convinced the judge it was his only way to get to class as a student. 

to shorten the story, he basically had to give up some stuff that the companies were able to identify, but becuase he had done so many transfers none of the cards could claim what was purchased with their card... so he pretty much got to keep almost everything.   So his car, and rent were paid for the next 2 years. 

yes, he was 20 YO with a BK on his record and I honestly thought that was the end of things for him.... but *IF* he got his shit together, that dude laughed straight to the bank.

 

years later when I worked in the Mortgage industry, I realized how much that dude had most likely gamed the system.    

at the time, you could only declare BK, once in a 7 year period. and it stayed on your credit report for life... but what most people didnt realize is the credit reporting agencies only cared about the BK on your credit for 10 years. Also, every year that passed reduced the "credit hit",   And after year 7 the credit hit for having the BK was significantly reduced. Meaning by t time it took for him to graduate (2-3 years), and get a job, and need to do a credit report again, he was gonna pay more in interest, but thats about it. And if he was like most of us, he probably didnt start thinking about buying a house until he was 3-4 years in the workforce, that BK wouldnt be impacting his credit that much. 

He basically had had half his college, a car, 4 years of rent, and 2+ years of partying paid for by the CC companies.  and by the time he wanted to buy a house, it most likely didnt even show up on his report.

Your friend to the credit card companies.  

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