patrick.net

What a bunch of fucking losers! I mean seriously, a person gets a BA in Art & somehow thinks that that's some pipeline to a glorious white collar profession?!

Well, on the right side of the law, if the $200K loan gets discharged, he'll get a 1099 of that amount from the bank, which means he'll be owing the IRS some $42K as it'll count as earned income.

From then on, he'll be facing a monster which never quits, much like the Terminator, who can garnish up to 25% of his income unless he works out a payment plan with penalties up front.

From then on, he'll be facing a monster which never quits, much like the Terminator, who can garnish up to 25% of his income unless he works out a payment plan with penalties up front.

Not necessarily. The IRS works out forgiveness deals all the time. I know a guy who took that $10,000 home buying credit a few years back even though he had no earned income. Since he had no taxable income (all disability), he got a refund check for the full $10,000. When the IRS finally caught up to him, they made a "deal" where he only had to pay a small fraction of that amount.

This is a great way to turn private debt into tax debt owed to the IRS. That frisky ole government, always thinking.

HeadSet says

no taxable income (all disability)

So the trick is for this deadbeat to live in his parent's basement & feign long term disability to get that tax bill reduced. Well, if he and his attorney can pull it off then all the power to them.

I think I won't be investing in any microloan companies.

So the trick is for this deadbeat to live in his parent's basement & feign long term disability to get that tax bill reduced.

My point is that the IRS makes deals with people that will not be able to pay.