by Kurt O'Keefe, Attorney at Law
It is just a fact that the over one trillion (uh, yeah, not billion, not hundreds of billions, trillion) dollars of student debt now outstanding in our fair land will not be repaid. Because the graduates will not generate sufficient income to pay it back. The jobs they were told were out there for them [...]
by Kurt O'Keefe, Attorney at Law
At least the graduate in the picture has a job. Being that is involves wearing a chicken suit, it might not produce enough scratch to pay off his share of the more than $1 trillion dollars in student loan debt now owed in our country. The issue is on this site because now, more than [...]
by Kurt O'Keefe, Attorney at Law
Attorneys from the Department of Justicethe Department of Justice presented a program on student loan debt. The presenters were government attorneys who fight discharge of student loans in bankruptcy cases, but, they presented lots of information on other ways to deal with repayment. Contact the ombudsman! was a recurrent theme. The Federal Student Aid Office [...]
by Russell A. DeMott, Charleston Bankruptcy Lawyer
Bankruptcy lawyers and their clients are plagued by the Brunner test when trying to discharge student loans. While the Bankruptcy Code says that student loans may be discharged if the debtor shows “undue hardship,” the Brunner test provides that student loans may only be discharged if the debtor shows: (1) inability, at his current level [...]
by Russell A. DeMott, Charleston Bankruptcy Lawyer
The current standard for discharging student loans is “undue hardship.” Over the last three decades, Congress has made it increasingly difficult to discharge student loans. The chronology of this noose tightening around debtors’ necks follows: Student loans were dischargeable throughout most of the 20th century. In 1976 Congress enacted the Education Amendments, and in section [...]
by Kurt O'Keefe, Attorney at Law
Chapter 7 bankruptcy discharges debts, wipes them out. We have all been taught to pay our bills. We are told it is wrong not to pay back what we have borrowed, used, spent, money that we promised to repay when we borrowed it. This is the message of our culture, whether it was money to [...]
