ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v.

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PBWT

JUNE 22, 2021

1] The Bankruptcy Code generally excludes student loan debt from the general discharge individual debtors are entitled to receive upon the conclusion of their case. It requires courts to consider the “totality of the circumstances” in each individual debtor’s case. [4] § 523(a)(8). [1] 11 U.S.C. §

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Troutman Sanders

SEPTEMBER 4, 2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy. Third, to read the word “loans” into § 523(a)(8)(A)(ii) “would violate the canon against surplusage.

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Collection Industry News

AUGUST 8, 2022

15 provides the Private Student Loan Collections Reform Act, which is contained in Sections 1788.200 to 1788.211. Section 1788.203 requires all settlement agreements between a private education lender or private education loan collector and a debtor to be documented in open court or otherwise reduced to writing.

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Public Citizen

JULY 20, 2021

As you may know, most student loans are notoriously difficult to discharge in bankruptcy. But not all loans, according to In re Hilal K. In that decision , the Second Circuit has joined the Fifth and Tenth Circuits and held that private student loans are dischargeable in bankruptcy. Homaidan (CA2 July 15, 2021).

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Troutman Sanders

MARCH 1, 2021

senators looks to make it easier for Americans to discharge student loans and medical debt. Permit the discharge of student loans, which under the current system, is an uncommon occurrence. A bill introduced by Democratic U.S. This is currently required for most individuals during the bankruptcy process. COVID-19); and.

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Collection Industry News

APRIL 11, 2022

Student loan companies will face consequences if they mislead borrowers and collect on private debt that has been discharged by a bankruptcy court , according to a letter sent by the country’s top consumer watchdog to Senator Dick Durbin (D-IL) that was obtained by Yahoo Finance. “I Source- site.

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Public Citizen

APRIL 10, 2021

Jackson and Colin Mark, both of Harvard, have written  May the Executive Branch Forgive Student Loan Debt Without Further Congressional Action? The paper first surveys the history of federal student loan forgiveness programs in the United States.

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ABI

JANUARY 12, 2022

In general, student loan debt is not dischargeable in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of undue hardship. A court will typically consider a debtor’s potential for future employment in determining whether student loan debt may be discharged.

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Collection Industry News

MARCH 28, 2022

A major student loan refinancing company has joined the chorus of voices calling for broad-based student loan forgiveness as millions of borrowers brace for the end of the pandemic payment pause. They need to know whether and when their loan obligations will resume. The $10,000 student loan forgiveness argument.

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ABI

JANUARY 13, 2022

Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] 3] In 2013, Rodger Dean Love (“Debtor”) filed for bankruptcy under chapter 13 of the Bankruptcy Code. [4] 16] . . [1]

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Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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PBWT

JULY 1, 2021

Judge Harner explained that “[a]lthough the Bankruptcy Code[] reflects Congressional intent to provide debtors with as broad of a discharge as possible, Congress has expressly excepted [student loan] debt from the bankruptcy discharge.” ” In re: Terry Lucille Randall , 19-21815, 2021 WL 2550034, at *1 (Bankr.

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Collection Industry News

OCTOBER 6, 2023

President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans. The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness. Federal student loan payments resumed Oct.

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Better Credit Blog

DECEMBER 22, 2021

If you have multiple debts, such as overdue credit cards you need to pay down, a debt consolidation loan might be able to help you to better keep track of what you owe by getting it all in one place, perhaps even at a lower interest rate. How Debt Consolidation Loans Work. When Might It Make Sense To Get A Debt Consolidation Loan.

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Collection Industry News

JANUARY 30, 2024

The Biden administration announced on Wednesday that it will try to deliver student loan forgiveness to borrowers experiencing financial hardship. In what has become known as Biden’s Plan B for student loan forgiveness, the president has turned to the rulemaking process. As a result of those changes, more than 3.7

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Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. The more common types of debts that many debtors hold that cannot be eliminated include: Child Support and Alimony. Student Loans. Student loans can be particularly challenging.

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Sawin & Shea

APRIL 3, 2024

Bankruptcy Code Section 525(a) states that: “…a governmental unit may not deny, revoke, suspend, or refuse a license, permit, charter, franchise, or other similar grant to…a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act.”

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Sawin & Shea

MARCH 6, 2024

Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate.

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Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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Fico Collections

JANUARY 4, 2021

In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent. Student Loan Challenges. This means that student loan borrowers do not have to make any payments during this period.

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Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. Gemini had alleged that Genesis pledged more than 61 million shares of Grayscale to secure loans, then defaulted on the loans. The USDA argued it was immune from such suits. billion for more than 3.7

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Taurus Collect

MARCH 7, 2022

Most industries, including medical offices, utilities, credit card companies, loan services, and phone companies, work with debt collectors. While some agencies only deal with a specific kind of debt (such as medical or student loan debt), others may deal with obligations that are gone old. How do debt collectors work?

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Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. Debtors have rights and protections under these laws to prevent harassment, false representations, or unfair practices by debt collectors.

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Taurus Collect

JUNE 13, 2022

most people tend to think of a debt collector trying to contact debtors about some unresolved debts. While some companies typically deal with specific debts only (like student loan debt or business debt), others deal with a few years old obligations. They will contact your debtors only between 8 a.m. The Process.

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UK debt collections

APRIL 28, 2021

People who are in debt from credit cards, loans and other personal debt sources could be given ‘breathing space’ under new temporary measures the government has announced. Personal loans. Pay day loans. Guarantor loans will be covered, but the guarantor will need to put in a separate application. Store cards.

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Sawin & Shea

AUGUST 23, 2023

Most Debtors, however keep everything they have. With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt.

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Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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Direct Recovery

APRIL 16, 2023

Wage garnishments are put into place to recover unpaid taxes, outstanding child support, student loans, court judgments, or unpaid bills. The first step in implementing a wage garnishment is for the collection agent to obtain a judgment against the debtor. This can be done legally by obtaining a court order.

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Collection Industry News

MARCH 2, 2021

Debt: ~$16,000 student loan, nothing else.Paycheck Amount (1x/month): $2,898Pronouns: She/herMonthly ExpensesRent: $717 (C. I took out student loans for courses and textbooks and was able to live at home almost all the way through, and I worked part-time most years. My boyfriend (henceforth C.) If yes, please explain.My

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Garnishment Collections Debt collector Student loans 52

Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. Also, if you have a debt that is a lien against collateral (a car loan, a mortgage loan), the creditor can force a return of that collateral to try and partially satisfy their debt.

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Sawin & Shea

MAY 5, 2021

You can keep such secured loans as your vehicle or house as long as you keep making payments on them. All other unsecured debts, like credit card debt, medical debt, and student loans, will be part of your payment plan. After you have filed for bankruptcy, you will not have to deal with creditors demanding money.

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.

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