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Discharging the Brunner Test: Student Loan Debt in Bankruptcy

Twenty-seven years ago the Second Circuit was faced with a debtor who proposed to use the Bankruptcy Code to avoid her student loan debt – only five months after graduation. The Second Circuit came down harshly on Ms. Brunner...more

Dischargeability of Student Loan Debt in Bankruptcy

Title 11 U.S.C. § 523(a)(8) of the United States Bankruptcy Code provides that, in order to obtain a discharge of an otherwise nondischargeable student loan, an individual in bankruptcy (the “debtor”) must establish that he...more

Protecting Private Wealth: Recent Bankruptcy Cases Involving Tuition Payments and Profit Sharing Plans

Two recent decisions may affect the assets of individuals available to satisfy creditors' claims in bankruptcy. In the first decision, the Bankruptcy Court for the Eastern District of New York determined that married, joint...more

4 Ways to Eliminate Your Student Loans Without Bankruptcy

Recent statistics show that there is more than $1 trillion dollars in student loan debt outstanding. A trillion! If you went to any type of training/college it is likely that you have student loans. Problem is many of the...more

Are School Tuition Payments Fair Game For Bankruptcy Trustees in Parents' Personal Bankruptcy?

Parents who are forced to file for personal bankruptcy may be surprised to find that school tuition payments they made for their children years earlier could become the target of recovery by an aggressive bankruptcy trustee. ...more

Dean: Law Schools Use Merit Scholarships To Boost Rankings  [Video]

Oct. 10 ( Bloomberg Law) -- Law schools need to find ways to cut the expense of merit scholarships, which they "use to buy students . . . with high LSATs" to improve the schools' US News rankings, Brooklyn Law School Dean and...more

What is an Irrevocable Trust? [Video]

Phoenix business law firm Jaburg Wilk's Estate Planning attorney Beth Cohn discusses irrevocable trusts. She talks about how people use them and the process involved with them. She explains what decanting is and the...more

Student Loans: Nondischargeability Questioned in Seventh Circuit and Beyond

Conventional wisdom says that it is nearly impossible to obtain a discharge of student loan debt in bankruptcy. Indeed, Section 523(a)(8) expressly excepts student loans from discharge, unless the exception of such...more

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans  [Video]

April 18 (Bloomberg) -- Why and when U.S.-managed hedge funds can go bankrupt in the Caribbean, not in the U.S., is the first item discussed on the new bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg...more

New Legislation Introduced to Allow Discharge of Private Student Debt

The Consumer Financial Protection Bureau (the “CFPB”) reported in 2012 that U.S. borrowers are burdened by more than $1 trillion in student debt, including over $150 billion of private student loans. According to TransUnion,...more

Bill on Bankruptcy: Delaware to Continue Dominating Bankruptcy  [Video]

Feb. 6 (Bloomberg) -- The dominance of Delaware and New York bankruptcy courts is secure for another two years, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their...more

Weglarz v. JP Morgan Chase Bank, N.A., and National Collegiate Trust

Complaint--Class Action

National Collegiate Student Loan Trust is being sued on a class action basis for its improper, fraudulent use of the LIBOR index on its promissory note private student loans. This is just another defense of contract when...more

Why can't I get rid of my student loan debt in bankruptcy?

We read about the student loan problem frequently, and if you're a person who has large student loans and is having difficulty paying them back, you're experiencing the "student loan problem" very personally....more

Second Circuit to Student Loan Collectors: Know Your Bankruptcy Law!

A recent decision by the Second Circuit underscores the importance to debt collectors of accurately describing the options available to a student loan borrower in bankruptcy, even a borrower who previously filed but did not...more

Second Circuit Applies “Least Sophisticated Consumer” Test In Student Loan Debt Collection Case

On August 30, the U.S. Court of Appeals for the Second Circuit held that a debt collector’s representation to a debtor that her student loans were “ineligible” for bankruptcy discharge is a “false, misleading, or deceptive”...more

Reduce Student Loan Debt in Niagra Falls, New York

If you want to relocate, consider Niagra Falls and reduce your student loan debt....more

Law Prof: Why Discharging Student Debt in Bankruptcy is Good for Lenders [Video]

Aug. 22 (Bloomberg Law) -- If law school graduates were able to discharge in bankruptcy court their student loans from private lenders -- something Congress has prohibited since 2005 -- it might be good for the lenders and...more

Consumer Financial Protection Bureau Shaking Up Private Student Loan Industry

The Consumer Financial Protection Bureau has issued a report highlighting significant consumer protection issues in the private student lending industry and making recommendations to ensure transparency. ...more

Back to School: Student Loans & Bankruptcy

Five of my six kids are headed off to school in the next few days. It seems like the school years starts a little earlier each year. There are schools herein Arizona that start in July! And as focus returns to hitting the...more

Congressman: Fix The Student Debt Crisis With Bankruptcy Reform [Video]

July 25 (Bloomberg Law) -- While economic indicators continue to worsen, US bankruptcy law still prohibits individuals from getting rid of their student debt except in the rarest of circumstances. U.S.Representative Steve...more

Law Grads Now 'Indentured Servants' To US Government [Video]

June 13 (Bloomberg Law) -- Paul Campos, professor of law at University of Colorado at Boulder School of Law, talks with Bloomberg Law's Lee Pacchia about the rising unemployment and debt levels for recent law school...more

Post-Bankruptcy Filing Debtor Education

In order to accomplish the purpose of the bankruptcy filing, to get rid of prior debts, you have to follow court rules to get to discharge. After filing a petition, you will be required to go to a 341 hearing. In a chapter...more

Ex-Dean: I Expect Some Law Schools to Close [Video]

April 25 (Bloomberg Law) -- Former University of Nebraska and University of Houston Law School Dean Nancy Rapoport tells Bloomberg Law's Lee Pacchia that she expects some law schools to close their doors because of the...more

Student Loans and Bankruptcy Discharge

In the past, student loans could be discharged by bankruptcy but not anymore. Since 1976, the bankruptcy code was changed to disallow student loans from being discharged. Recent statistics have shown that the amount of...more

Private Student Loans May Soon Be Dischargeable in Bankruptcy Again

On June 2011, United States Senators Durbin, Whitehouse, and Franken joined with several United States Representatives to introduce legislation to reinstate a fair playing field for debtors facing student loan debt by...more

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