GVSU Accounting Student Files Bankruptcy for Final
In a week of final tests, projects, and decisions of killing group members with the laptop they obviously didn’t use for the projects, we at The Black Sheep would like to take some time to recognize a GV student who destroyed their final. Accounting major Kirk Farms completed his final accounting project of filing bankruptcy and no longer has to pay off his loans.
“Yeah we had final project of our choice. It’s a pretty big deal for the final accounting class and I had been planning it for years,” said Kirk outside of the county court house.
Not only did Kirk have to go through the process of studying and filing for multiple chapters of bankruptcy, but he also had to take the time accumulating the necessary debt for filing. Kirk says that accumulating debt was harder than one would think.
“I took out housing loans to pay for a house in west Grand Rapids and then I used the rent money to pay enough of the principle that I could have equity to borrow against.”
Throughout the project Kirk not taken out a single student loan, explaining: “Never take out student loans. Most student loans are through the government and you have to pay those off unless the government collapses. I took out housing loans so I could buy a house and I filled every room with tenants who paid rent and I used the rent money to pay for school and occasionally on the mortgage.”
We asked Kirk if his filing bankruptcy was going to have any effect on his life after college. “I mean, my credit’s shot, but interest rates are low and banks will give anyone credit. I went in as an 18-year-old kid with a car and a rug as collateral. Banks will literally give money to anyone so long as they can keep moving houses #BigShortShit.”
Kirk’s accounting professor has yet to grade exams, but we’ll be sure to check in and find if Kirk’s efforts were successful in order to pass his class.