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  • Title: Why The Student Loan Bubble Is Much Worse Than It Looks > NACBA
    Descriptive info: News Home.. Current Articles.. Archives.. 06.. Why The Student Loan Bubble Is Much Worse Than It Looks.. Posted on September 06, 2012 08:43.. America is increasingly aware that the student loan bubble is a major problem for millions of students, families, and our nation as a whole.. While far too many politicians from both sides of the aisle talk in platitudes about the need for education, few if any of these politicians are willing to pull back the cover and expose the ugly reality embedded in current data on the student loan bubble.. Yes, America knows that total student debt now exceeds all other forms of consumer debt.. We also know that total student debt is now approaching $1 trillion dollars.. I personally believe that the cost of education at public and private colleges and universities has to adjust downward but that reality does not appear imminent.. What don t we know about student debt and how will it hurt us? Let s navigate.. A recently released report by Demos highlights that the Student Loan Crisis  ...   that, while overall household indebtedness declined $53 billion from the first quarter of 2012, student loan debt rose $10 billion to reach its $914 billion peak.. The picture is even bleaker than it appears.. Although the delinquency rates for student loans rose to 8.. 9%, that number is understated.. It doesn t account for people who are currently in a deferral period from their loans or for students currently enrolled in college, who ve taken on more student loan debt than any preceding generation.. Should you exclude students currently in college, and who are therefore exempt from becoming delinquent, the delinquency rate rises from 8.. 9 to 21%.. That s a startling high number, double the amount of credit card delinquencies (10.. 9%).. A delinquency rate of 21% spells a near certain crash and doomsday scenario for both borrowers and lenders alike but will also serve as a serious drag on our economy as a whole.. Navigate accordingly.. Larry Doyle.. Posted in:.. Actions:.. E-mail.. Permalink.. Online Resources.. Attorney Finder.. Consumer Tips.. Amicus Assistance.. Links and Articles..

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  • Title: Student Loans: Debt for Life > NACBA
    Descriptive info: Student Loans: Debt for Life.. Posted on September 06, 2012 08:42.. This much we know: College pays.. You can lose your house to foreclosure, but never your education.. Four-year college graduates pay advantage over high school grads has doubled over the past 30 years.. If money for tuition is tight, the advice goes, borrow what you need.. Students have been listening.. In 2010 student debt exceeded credit-card debt for the first time.. In 2011 it surpassed auto loans.. In March, the Consumer Financial Protection Bureau announced that student debt had passed $1 trillion.. It grew by $300 billion from the third quarter of 2008 even as other forms of debt shrank by $1.. 6 trillion, according to a separate tabulation by the Federal Reserve Bank of New York.. In a press briefing at the White House in April, Education Secretary Arne Duncan said, Obviously if you have no debt that s maybe the best situation, but this is not bad debt to have.. In fact, it s very good debt to have.. If student loans are good debt, how do you account for the reaction of Christina Mills, 30, of Minneapolis, when she found out her payment on college and law school loans would be $1,400 a month? I just went into the car and started sobbing, says Mills, who works for a nonprofit.. It was more than my paycheck at the time.. Medical student Thomas Smith, 25, of Hamilton, N.. J.. , is $310,000 in debt and is struggling to make ends meet even before beginning to repay his loans.. I don t even know what I eat, he says.. I just go to the supermarket and buy the cheapest thing I can and buy as much of it as I can.. Then there s Michael DiPietro, 25, of Brooklyn, who accumulated about $100,000 in debt while getting a bachelor s degree in  ...   education (ethnomusicology, theater arts) that just isn t worth it from a strictly financial viewpoint.. (Money isn t everything, but try telling that to the collection agency.. ) Education benefits society by creating a workforce that creates wealth, pays taxes, and stays off welfare.. But state governments whose schools educate 7 in 10 students have raised tuition abruptly because of their own financial problems.. So far the federal government has offset the state cutbacks by boosting financial aid, but Education Under Secretary Martha Kanter testified to Congress earlier this year that this path is not fiscally sustainable.. There s a lot of speculation that college debt is the next bubble after housing, the latest sector in which prices leap above real value.. American colleges may not be turning out the kind of graduates that employers want.. In Academically Adrift: Limited Learning on College Campuses, NYU s Arum and sociologist Josipa Roksa of the University of Virginia write that employers are being forced to turn to foreigners or graduate and professional schools to fill jobs that they once filled with homegrown college graduates.. That s the value side.. The cost side is ugly, too.. The economic slump that began in 2007 has forced people to pay more for college even as it has driven more of them into it as a refuge from an unfriendly job market.. The National Center for Education Statistics projects that college attendance this fall will be up 19 percent from the fall of 2007.. Meanwhile, state and local support for higher education last year was the lowest in 25 years of measurement, in inflation-adjusted dollars per student, according to the State Higher Education Executive Officers Association.. Two-thirds of college seniors graduated with loans in 2010, and those who did had an average of about $25,000, according to the Institute for College Access Success.. Click the link to continue the news story..

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  • Title: Student loan debt is worse than it seems > NACBA
    Descriptive info: 05.. Student loan debt is worse than it seems.. Posted on September 05, 2012 10:06.. Student loan debt is worse than it seems.. By Lynn O'Shaughnessy.. (MoneyWatch) The student loan crisis continues to worsen, according to the latest quarterly figures from the Federal Reserve Bank of New York.. The NY Fed's Quarterly Report on Household Debt and Credit revealed that the delinquency rate for student loans, which is currently at 8.. 9 percent, increased during the second quarter.. During the same period, student loan debt rose $10 billion to $914 billion.. While student debt continued to grow, overall household debt declined by $53 billion to $11.. 38 trillion as Americans continue to pay down their debt and take advantage of extremely low interest rates.. Credit card balances ($672 billion) are at their lowest level since the second quarter of 2002.. Credit card debt is down 22.. 4 percent since the peak during  ...   the bank's explanation:.. These delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle.. This implies that among loans in the repayment cycle delinquency rates are roughly twice as high.. It's not surprising that student loan debt remains a problem child.. College prices continue to defy inflation rates and the biggest percentage price hikes are coming from public universities, which is where most middle and low-income students have traditionally depended upon for bachelor degrees.. It's more important than ever that families evaluate their options and use net price calculators to determine what the actual price -- rather than sticker price -- will be for them at any college or university.. And parents and teenagers must have honest conversations about what a safe level of college debt is..

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  • Title: Mortgage Registry Muddles Foreclosures > NACBA
    Descriptive info: 01.. Mortgage Registry Muddles Foreclosures.. Posted on September 01, 2012 10:08.. By GRETCHEN MORGENSON.. MORE good news from the housing front last week.. Pending home sales rose 2.. 4 percent in July, to their highest level since April 2010.. Mortgage delinquency rates are down: the Federal Reserve Bank of New York reported a decline of 6.. 3 percent at the end of June from the March quarter.. Granted, new foreclosures continued to be filed 256,000 people had a foreclosure added to their credit reports in the June quarter but that figure was the lowest since mid-2007, the Fed said.. In stark contrast to this improving backdrop are the legal battles still being waged over wrongful foreclosure practices.. The glacial progress in these cases is not surprising, given the crowded courts and combatants usual stalling tactics.. What is surprising is the fresh evidence these cases are turning up of cockeyed mortgage practices, during both the boom and the bust.. As these matters are adjudicated, perhaps we will finally learn whether these practices were intended or accidental.. Take the problem of questionable legal fees levied on troubled borrowers.. Although these costs may seem small in the scheme of things, they certainly add to the burdens of many hard-pressed Americans.. A foreclosure from Ohio highlights this problem.. The facts from this matter are central to a prospective class action filed by a borrower, who contends he was charged improper court costs and legal-related fees in his foreclosure.. The case involved legal moves taken against a bank in 2007 that  ...   Wells Fargo, noting that as trustee of a securitization it held the note backing the $160,000 first mortgage, sued Mr.. Kline and his wife, Patricia, in state court.. Because Mr.. Kline had also taken out a second mortgage, Wells Fargo sued the institution that it said owned the additional obligation.. Here is where Mortgage Electronic Registration Systems comes in, the company that runs the database set up by banks in the mid-1990s to speed the transfer of mortgages nationwide and track their ownership.. To save the costs of recording a mortgage s transfer from one institution to another, MERS acts as mortgagee in county land records.. But it does not own the note underlying a property.. Amid the foreclosure crisis, however, critics have contended that the registry actually served to hide the true owner of a mortgage, making it difficult for borrowers to get help in working out their loans.. The facts in Mr.. Kline s case seem to indicate another flaw with the MERS registry that it may not even track mortgages effectively.. MERS was the nominee for WMC Mortgage, an entity that held the second lien on the Kline property, according to Wells Fargo s court filings.. Oddly, lawyers for WMC confirmed that it had an interest in the loan, whose value was around $30,000.. In 2008, Mr.. Kline advised the lawyers for the banks that he would sell the house and pay off the loans, which totaled approximately $200,000.. He did so, paying the legal costs associated with the suit involving the second lien..

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  • Title: San Antonio Convention Materials Available for Purchase > NACBA
    Descriptive info: San Antonio Convention Materials Available for Purchase.. Posted on June 06, 2012 14:17.. Materials from our 20.. th.. Annual Convention, held April 26-29, 2012 in San Antonio, TX, are now available for purchase.. You have several purchasing options.. Please note: There are two different vendors, depending on which products/packages you are purchasing.. Audio recordings.. , in single sessions or sessions bundled together;.. A.. flash drive.. containing all of the written materials from the Convention, along with additional materials submitted by the speakers and available only on the flash drive;.. The four-volume set of written materials.. available to attendees at the Convention; and.. The.. four-volume set of written materials.. available to attendees at the Convention.. PLUS the flash drive.. containing all of the written materials from the Convention and additional materials submitted by the speakers available only on the flash drive;.. The pricing for the materials are as follows.. A list of the Convention sessions is included below for reference.. PRODUCT.. COST.. (excl.. s/h/tax).. LINK TO PURCHASE.. Audio recordings, in single sessions or all sessions bundled together, flash drive and download formats.. Range from $12 - $400.. Acts Recording.. Flash drive containing all of the written materials from the Convention, along with additional materials available only on the flash drive.. $300.. Logo Express.. The four-volume set of written materials available to attendees at the Convention.. $325.. The four-volume set of written materials available to attendees at the Convention PLUS flash drive containing all of the written materials from the Convention along with additional materials available only on the flash drive.. $350.. SAN ANTONIO CONVENTION SESSIONS:.. CASE LAW UPDATE.. Join Henry Sommer and as they review recent cases that matter most to you and your clients.. Henry Sommer, Esq.. , NACBA President Emeritus (Philadelphia, PA).. Tara Twomey, Esq.. , NACBA Director (Monterey, CA)).. John Rao, Esq.. , NACBA Vice President (Boston, MA).. WASHINGTON, RULES COMMITTEE, NCBRC UPDATE.. This session covered the latest legislative news, an update on the Rules Committee, and the recent work of the National Consumer Bankruptcy Rights Center.. Ike Shulman, Esq.. , NACBA Treasurer (San Jose, CA).. Maureen Thompson, NACBA Legislative Director (Arlington, VA).. Jonathan Yarowsky, Esq.. (Washington, D.. C.. ).. , NACBA Director (Monterey, CA).. , NACBA President Emeritus (Philadelphia, PA).. SADDLE UP AND RIDE THROUGH, PARDNER!.. This panel wrangled with issues related to ride through , such as how ride through relates to real property and chapter 13, ipso facto clauses, and state law developments.. Cynthia Grimes, Esq.. (Lenexa, KS).. Hon.. Eileen Hollowell, U.. S.. Bankruptcy Court (Tucson, AZ).. SECURITIZATION 101.. Securitization is the process of packaging loans as securities and selling rights to the future income stream to investors.. In today s financial world an understanding of securitization is essential for bankruptcy practitioners.. This session covered the basics of securitization with an emphasis on residential mortgage backed securities.. Thomas Adams, Esq.. (New York, NY).. REMEMBER THE BIG STUFF: PROTECTING RETIREMENT AND BUSINESS ASSETS.. Beyond the basics of asset exemption, this session covered how to protect debtors interests in IRAs, inherited IRAs, trusts, and corporate assets.. Susan Kelley, U.. Bankruptcy Court (Milwaukee, WI).. Behrooz Vida, Esq.. (Bedford, TX).. EVERY CASE HAS A THORN (EVEN THE YELLOW ROSE OF TEXAS)!.. This introductory session addressed common problems that arise when preparing consumer cases.. Join Michael Baumer as he discusses how to nip these issues in the bud.. Michael Baumer, Esq.. (Austin, TX).. OH NO! THERE GOES MY DEBTOR S CAUSE OF ACTION.. Avoid common mistakes when dealing with pre-petition causes of action that become property of the estate.. This session covered important issues related to these claims such as proper scheduling, valuation, settlement, and getting yourself appointed as special counsel.. Jeffrey Bohm, U.. Bankruptcy Court (Houston, TX).. Heather Potts, Esq.. (Houston, TX).. Allison Byman, Esq.. (Manvel, TX).. NEW MORTGAGE RULES: USE THEM OR LOSE THEM.. Rules 3001 and 3002.. 1 became effective in December 2011.. Come find out how the rules are being implemented in practice.. Are creditors complying? What should debtor s attorneys do to make the most of the rules?.. Marvin Isgur, U.. UNDERSTANDING TAX CLAIMS IN BANKRUPTCY.. Every bankruptcy practitioner needs to understand the fundamentals of tax claims in bankruptcy.. Join our  ...   , Esq.. , NACBA President (Raleigh, NC).. Nancy Rapoport Esq.. , Univ.. Las Vegas School of Law (Las Vegas, NV).. WHO OWNS THE NOTE AND DOES IT MATTER?.. Since the turn of the century, the majority of residential loans have been securitized with the mortgage loans being transferred numerous times in the process.. This session will delve into the Uniform Com mercial Code articles 1, 3 and 9 to figure out whether loans were properly transferred between parties and who really owns the note.. Elizabeth Renuart, Albany Law School (Albany, NY).. THE FDCPA ABCS.. Learn the basics of the Fair Debt Collection Practices Act and how to recognize and pursue claims for your bankruptcy debtors.. Ronald Wilcox, Esq.. (San Jose, CA).. GETTING INSIDE YOUR DEBTOR S MIND.. Understanding the goals and psychology of debtors is critical to helping them overcome the mental stumbling blocks that keep them from acting in their own best interest.. This panel covered demographic, career, education and lifestyle differences that play a key role in your prospective client s attitude about debt.. Reed Allmand, Esq.. (Dallas, TX).. Ben Morris, Esq.. LASSOING DEBT BUYERS.. This panel explored the ins and outs of the debt buying industry and discuss how to make your objections to debt buyers claims stick.. Eric Frank, U.. Bankruptcy Court (Philadelphia, PA).. Johnie Patterson, Esq.. BANKRUPTCY CRIMES: KEEPING CLIENTS OUT OF TROUBLE.. This session provided a summary of bank ruptcy criminal law, applicable privileges, defenses and strategies, how to recognize potential criminal issues, case examples and prosecutions, and real world tactics to help debtors attorneys deal with them.. Wayne Silver, Esq.. (Sunnyvale, CA).. MEANS TESTING: TAMING THE JUNKYARD DOG.. Discover the latest in means testing issues.. This panel discussed the latest developments and controversies in the means testing area including household size, non-debtor spouse contributions and social security.. Douglas Jacobs, Esq.. (Chico, CA).. Robert Kressel, U.. Bankruptcy Court (Minneapolis, MN).. Erin Shank, Esq.. (Waco, TX).. NEW PRACTITIONER AND PARALEGAL TRAINING.. An all-day program for attorneys new to bankruptcy practice and non-attorney staff working in a bankruptcy law office.. This program will take you step-by-step through the bankruptcy process from first contact to case closing.. Topics include: Preparing for new clients Document collection and management Client relations Notices Chapter 13 plans Getting to discharge Post-discharge issues.. Pamela Stewart, Esq.. (Houston, TX).. Robert Heinly, Paralegal (Houston, TX).. Turea Simpson, Paralegal (Houston, TX).. Deana Leggett, Paralegal (Raleigh, NC).. MAKING THE MOST OF EVERY CASE.. Don t leave money for you and your client on the table! Learn how to maximize returns in every case.. Thad Bartholow, Esq.. (Dallas, TX ).. Kathy Cruz, Esq.. (Hot Springs, AR ).. David Sweeney, Esq.. (Memphis, TN ).. I SURRENDER!.. This session explored challenges that arise when debtors surrender property in a bankruptcy case.. What can you do when the creditor won t take back title to the property? Who pays the post-petition homeowners association dues and are there discharge violations raised by the creditors failure to take action?.. James Molleur, Esq.. (Biddeford, ME).. Robert D.. Berger, U.. Bankruptcy Court (Kansas City, KS).. GET EDUCATED ON STUDENT LOANS.. This panel covered current issues related to student loans such as dischargeability, separate classification, special circumstances and the continuing applicability of the test.. Joshua Cohen, Esq.. (Rocky Hill, CT).. Geoff Walsh, Esq.. (Boston, MA).. THE BIG FREEZE AND HOT TOPICS OF THE DAY.. This session dealt with current hot topics such as bank account freezes upon filing and post-petition check negotiation.. Heidi McLeod, Esq.. (San Antonio, TX).. James B.. Haines, U.. Bankruptcy Court (Portland, ME).. STRIPPING OFF.. Join this panel as it bares all the secrets of stripping unsecured mortgages and other liens.. , NACBA Vice President (Boston, MA).. Leif Clark, U.. Bankruptcy Court (San Antonio, TX).. TRUSTEES GONE WILD.. How do you deal with trustees who make unreasonable document requests, demand nominal assets from debtors, object to your plan on behalf of secured creditors, or otherwise make demands that are inappropriate? This panel discussed how to best represent your client when you think a trustee is going too far.. Carey Ebert, Esq.. , NACBA President Emeritus (Hurst, TX).. Debra Miller Esq.. , Chapter 13 Trustee, Northern Dist.. IN.. Member News..

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  • Title: News
    Descriptive info: 07.. CFPB widens its debt settlement crackdown $1.. 4 million penalty on middleman sends a warning to others By Fred Williams Consumer financial regulator.. [Read the rest of this article.. ].. 22.. Debtors 1 - Creditors 0.. Debtors 1 Creditors 0 With persistence and determination, Ohio NACBA members were successful in persuading the republican controlled,.. 24.. Why can huge municipalities resort to Chapter 9 protection, but not 37 million Americans drowning in student loans? BY TIM DONOVAN Last Thursday.. 09.. Registration Open: Preserving the Attorney-Client and Work Product Privileges.. Registration is now open for NACBA's next webinar, Preserving the Attorney-Client and Work Product Privileges in Consumer Bankruptcy Cases.. San Diego Convention Materials Available for Purchase!..  ...   story on Freeman Bosley Sr.. seeking donations fo.. 30.. With apologies to Dr.. Seuss, I d like to add some lines to his wonderful book Oh, the Places You ll Go!, which is a popular.. 29.. Student lenders have collection powers denied most creditors.. Credit card companies can't garnish your wages without a court order.. A federal student.. NACBA Launches 2013 Webinar Program After two highly successful pilot webinars this past fall, NACBA s Board of Directors has decided to procee.. 28.. Allow Private Education Loan Debts to Be Erased in Bankruptcy Struggling borrowers should be able to discharge their private student loan debts.. Page 1 of 3.. First.. Previous.. [1].. 2.. 3.. Next.. Last..

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  • Title: "Bankruptcies of the Rich & Famous" once again available for purchase > NACBA
    Descriptive info: "Bankruptcies of the Rich & Famous" once again available for purchase.. Posted on February 01, 2012 14:21.. Over the years, many members have made available to clients a copy of the book.. They Went Broke.. , which detailed the stories of famous Americans who had gone on to do great things despite having filed bankruptcy (or the equivalent in pre-Bankruptcy Code days).. This book has served as an inspiring reminder to clients that there is no shame in filing bankruptcy, that many prominent people have done so, and that bankruptcy is no bar to future success.. Many members have given the book to new clients  ...   have personalized the book with a law firm label.. The author of.. updated and republished the book, now titled.. Bankruptcies and Money Disasters of the Rich and Famous.. The book can once again be purchased by NACBA members through a new fulfillment partner.. The books are available for purchase in bulk only each box contains 40 books.. Although the list price on the book is $14.. 95, the cost of the book to NACBA members is $3.. 50 each or $140/box -- plus tax, shipping and handling.. (The cost of shipping will vary depending upon your location.. ) To order your copies,.. download the order form..

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  • Title: House Passes Bankruptcy Judgeship Measure > NACBA
    Descriptive info: Posted on May 10, 2012 08:29.. The House passed a bill (.. HR 4967.. ) by unanimous consent to allow temporary bankruptcy court judgeships created by the 2005 bankruptcy overhaul (PL 109-8) to be refilled if there is a vacancy in the next five years.. In April, the Senate passed similar legislation (.. HR 1021.. ).. No new bankruptcy judgeships have been created since 2005.. The measure is based on recommendations of the U.. Judicial Conference..

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  • Title: Senate Judiciary Subcommittee Hearing on Student Loans > NACBA
    Descriptive info: 20.. Posted on March 20, 2012 08:34.. This morning at 10 a.. m.. EDT, the Senate Judiciary Subcommittee on Administrative Oversight and the Courts will hold a hearing on The Looming Student Debt Crisis: Providing Fairness for Struggling Students.. Senator Richard Durbin (D, IL), lead sponsor of S.. 1102 , the Fairness for Struggling Students Act of 2011, which would restore bankruptcy protection for private student loans, will chair the hearing.. It was the  ...   hearing and to return his attention to this issue.. Witnesses will include the Attorneys General of Kentucky and Illinois, a student loan borrower, Deanne Loonin with the National Consumer Law Center, a Stanford law professor and a representative of a Washington think tank.. To watch the hearing in real time or to view an archived version of it at a later date, go to:.. http://www.. judiciary.. senate.. gov/hearings/hearing.. cfm?id=.. eb997a7c3376c76b36a041cf2a10ca.. Maureen Thompson.. NACBA Legislative Director..

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  • Title: Durbin Urges Private Student Loans Be Discharged in Bankruptcy > NACBA
    Descriptive info: Posted on March 20, 2012 08:33.. Bloomberg.. By Janet Lorin - Mar 20, 2012 10:09 AM ET.. Students who take out loans from private lenders to finance their education should have the same right to discharge their debt in bankruptcy that other borrowers enjoy, Illinois Senator Dick Durbin said today.. While the overall growth in student indebtedness is troubling, the most pressing concern is private student loans, Durbin, the No.. 2 Senate Democrat, said in prepared remarks at a Senate judiciary subcommittee hearing.. These private student loans are a far riskier way to pay for an education than federal loans.. Outstanding student-loan debt reached an estimated $867 billion in the fourth quarter, and is greater than total U.. credit-card debt.. The student debt includes private loans, which don t offer options as some government-backed loans when borrowers become financially distressed, including income-based repayment.. Durbin introduced a bill in May to eliminate a 2005 provision that made privately issued student loans nondischargable in bankruptcy.. Five years after graduating from Harrington College of Design in Chicago, Danielle Jokela has yet to find a job as a designer and struggles to repay more than $98,000 in student loans.. I m asking you to create legislation that will empower us to overcome this burden, and prevent future students from falling into the same trap, Jokela said in prepared testimony for the hearing.. She has a monthly debt payment of about $830, about 28 percent of her current income.. Harrington is operated by for-profit college company Career Education Corp.. Sallie Mae.. The largest private student lender is SLM Corp.. , (SLM) known as Sallie Mae, which made $2.. 7 billion in private education loans last year, up 19 percent from a year earlier, the company said in a statement in January.. It expects to originate about $3.. 2 billion this year.. Sallie Mae s portfolio of private student loans was about $36 billion, and loans to students at for-profit colleges account for about 10 percent, according to the Newark, Delaware- based company.. Sallie Mae supports reform that would allow federal and private student loans to  ...   their loans.. Unjust Transfer.. Reinstating the rule to let privately issued loans be dischargeable in bankruptcy would increase the cost for all student borrowers because interest rates would rise, said G.. Marcus Cole, who teaches commercial and financial law and regulation at Stanford University near Palo Alto, California.. If the goal is to relieve the debt burden upon student borrowers who have taken on student debt that did not result in higher productivity and earnings potential, removal of the exemption is a blunt instrument that is unlikely to address the root source of the problem, accomplishing instead a one-time, unjust transfer from innocent lenders who did nothing more than give money to people in the hopes of being repaid someday, Cole said in written testimony.. The root issue is tuition inflation, and restoring the loan discharge rule may have a very marginal impact on the issue of student debt, said Neal McCluskey, associate director of the Cato Institute s Center for Educational Freedom.. Higher Rates.. If lenders know that borrowers can escape repayment through bankruptcy, they would likely raise interest rates to account for that risk and lend to fewer people, discouraging use of such loans, McCluskey said in testimony.. However, students might be more apt to take such loans -- and pay still higher college prices -- if they think that they will be able to unload their debt without repaying it.. Senator Mike Enzi, the Wyoming Republican and ranking member of the Senate education committee, doesn t support discharging student loans, said Sarah Chu, a spokeswoman for Enzi.. Enzi would prefer the Senate committee address the rising cost of higher education rather than a number of incomplete solutions, he said in an e-mailed statement.. Recognizing that many Americans may encounter unexpected financial difficulties during the repayment of their student loans, Congress has already enacted a variety of protections to help student loan borrowers avoid default and protect their credit, Enzi said.. To contact the reporter on this story: Janet Lorin in New York jlorin@bloomberg.. net.. To contact the editor responsible for this story: Lisa Wolfson at lwolfson@bloomberg.. net..

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  • Title: SuperUser Account | NACBA
    Descriptive info: Entries for 'SuperUser Account'.. 26.. A number of NACBA members practicing in the Riverside jurisdiction of Central California have encountered summary dismissals of their clients cases ba.. The House passed a bill (HR 4967) by unanimous consent to allow temporary bankruptcy court judgeships created by the 2005 bankruptcy overhaul (PL 109-.. EDT, the Senate Judiciary Subcommittee on Administrative Oversight  ...   By Janet Lorin - Mar 20, 2012 10:09 AM ET Students who take out loans from private lenders to finance their education should have the sa.. Over the years, many members have made available to clients a copy of the book They Went Broke, which detailed the stories of famous Americans who had.. Page 2 of 2.. 1.. [2]..

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