This is sad on
so many levels, I don't even know where to start. Getting sick sucks, but the slant of this article rubs me the wrong way.
"Frank filed for bankruptcy. But that did not erase
the giant pile of federal Parent Plus
loans that he had taken out to help put his three children through college. Since he could no longer work, Sallie Mae, the loan servicer, ultimately suggested applying for a disability discharge, which would cancel the debts."
http://www.nytimes.com/2014/03/28/your-money/disabled-borrowers-trade-loan-debt-for-a-tax-bill-from-the-irs.html?partner=rss&emc=rssIn short: 66 years old. Never saved a dime. Took on debt to put his THREE kids through college. Got sick. Filed for bankruptcy. Had the total debt reduced from $150,000 to $59,000. Still complains about the situation.
Do people think they can work forever? He's 66! Had his chance to make money, long time. Given the facts in the article, is it a viable solution now to maybe take on huge loans to put all your kids through the best colleges and then smoke and eat junk like a sumbitch to hopefully get some sort of disability and have the slate wiped clean? ...I mean, unless we just die one night in our sleep while fit as a fiddle, we can all expect something to take us down if we work 'til we drop.
Anyway, I don't think the IRS is the idiot in this article.