Student Loan Market Exit

JP Morgan Chase recently announced that effective October 12, 2013, it will no longer make student loans.  Wells Fargo is now the ONLY major US commercial bank still making student loans.  Chase is the latest bank running for the exit doors.  Moody’s reports that during the 2011-2012 academic year, private

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Student Loan Discharge: Still an Uphill Battle?

Discharging student loans in bankruptcy has always been quite difficult under the standards that the debtor is required to prove a somewhat cost-prohibitive piece of litigation if the student lender is going to fight.  Further, each case is quite fact-specific, so your facts may be slightly different from the next

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Are you the Beneficiary of an IRA?

As the baby boomers age and pass on, an interesting issue has arisen in some bankruptcy cases:  can you claim an exemption in an IRA or other protected retirement account which you inherit?  Bankruptcy laws allow you to exempt an IRA in your name up to $1.25 million dollars.  This

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Number 3 Pet Peeve – Deposition of a Client

I’m blogging my list of deposition “pet peeves” in a series of releases.  They are not necessarily in order of importance, but rest assured, all are great learning points for a client/witness.  Many of the cases that I litigate are matters in which thousands of pages of documents are produced

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Service of Unsecured Creditors’ Committees

Official committees of unsecured creditors (Committees) serve in important function in Chapter 11 bankruptcies.  Committees preserve the rights of unsecured creditors can have a major impact on the outcome of any Chapter 11 proceeding. In each Chapter 11 case, the United States Trustee is charged with appointing a Committee and

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Paying Back Family and Friends

The decision to file a bankruptcy is one of the hardest decisions that some people will make.  Once this decision has been made, many people want to “clear up” some debt.  Usually, they want to take care of Mom, Dad, Brother, Sister, Best Fried etc…   The reasoning is that they

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Introduction to Chapter 11 Unsecured Creditors’ Committees

Official committees of unsecured creditors (Committees) serve an important function in Chapter 11 bankruptcies and can have a major influence on the outcome of any Chapter 11 case.  Committees preserve the rights of unsecured creditors and their responsibilities include (i) monitoring the progress of the case; (ii) providing input on

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“We Provide the Highest Quality Legal Services”

Many law firms say that they provide “the highest quality legal services.”  What does this really mean?  I recently watched a relatively routine hearing in a Chapter 11 case where the debtor corporation had eight – that’s right – eight lawyers in the courtroom.  One lawyer spoke, seven watched.  Because

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