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$1.1 Million Homeowner with Unpaid Student Loans

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How does a person live until the age of 51 and not pay a dime on his federally backed student loans? The Tampa Bay Times investigated a wealthy man named Alex Petro that has done just that and is now suffering the consequences.

In Saint Petersburg, Alex is an ex-chiropractor living in a $1.1 million home. If the home alone wasn't enough to prove his financial stability, Alex also rents out his waterfront home for $9,999 a week during the tourist season.

Now in 2016, the government is taking Alex to the U.S. District Court in Tampa in pursuit to sue him for $167,000 of unpaid debt from when he was a student back in the 1990s.

According to Anita Cream, chief of asset forfeiture and victims' rights, "Typically, when a debtor does have the ability to pay and they realize you're serious and you start to attach their assets, amazingly, they come up with a check."

Alex is familiar with being taken to court. In the past, he has filed for bankruptcy, lost his medical license by illegally dispensing drugs at a clinic he owned and been charged for fraud after collecting $300,000 for disability from a staged crash.

It doesn't look like he will be getting away with not paying that easily. Currently, "Petro has filed no formal response, leading a court clerk to declare him in default, and a judge soon will decide whether to do the same."

Source: Tampa Bay Times | Student Loans

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