In July 2021, a New York-based federal court of appeals ruled that private student loans could be discharged in bankruptcy, according toReuters. While other courts could decide individual cases differently, this precedent makes it easier for other private loan borrowers to get bankruptcy relief when...
Biden administration to make it easier to shed student debt in bankruptcy Student loan forgiveness is halted after court ruling. Here's what you should do. Another court blocks Biden's student loan forgiveness plan: "No workable path" A federal judge in Texasruledthat the plan overstepped the ...
(MoneyWatch) It's well known by now that student debt is hard to shake. In the good old days, personal bankruptcy could allow someone to escape a loan burden. Today, thanks to the Bankruptcy Reform Act of 2005, corporations are allowed to restructure their debt, but individuals not so mu...
As promisedin the original announcement of the new IDR plan, the SAVE Plan subsidizes borrowers' student loan interest so that if their required monthly payment doesn't fully cover the interest charged for that month, the remaining interest isn't added to the principal of the loan. Previously,...
However, the bankruptcy court might also decide to discharge only part of your debt or to adjust your loan repayment terms instead. Private student loans may be a little easier to include in a bankruptcy filing than federal student loans. A recent New York appeals court ruling found that ...
Contact a bankruptcy attorney to see whether this is a good option for you. Breaking up consolidated spousal loans. In October 2022, Congress passed the Joint Consolidation Loan Separation Act, which will allow borrow...
Does Student Loan Forgiveness Qualify As A Disaster Relief Payment? Can The President Cancel All Federal Student Loans? The Presidentdoes nothave the legal authority to forgive student loans on his own. Only Congress has the power of the purse. Executive action can be used only when it has be...
Legal challenges to the student loan forgiveness proposal eventually made their way to the U.S. Supreme Court, which has now made its ruling on the matter. Update: Supreme Court Blocks President’s Plan to Forgive Student Loans The U.S. Supreme Court voted 6-3 against President Biden’s br...
Currently student loan debt is the only kind of debt that bankruptcy can’t help fix, which should help convince you that our bankruptcy system –“reformed” by Tha Bush Mobb in 2005 – is broken. Don’t let folks tell you this bill will induce “laziness” on the part of our youth ...
DeSantis: Universities should be 'responsible' for student loan debt 07/31/2023 12:41 PM EDT Elections DeSantis unveils economic plan, aim to ease process for discharging student loans through bankruptcy By KIERRA FRAZIER 07/31/2023 11:54 AM EDT Updated 07/31/2023 12:54 PM EDT Education...