Nystrand v. Kingdom of Sweden: Another underemployed lawyer seeks bankruptcy relief

A common saying when I was young (in the last century) was the old adage that lawyers are people who wish to make a lot of money but are risk-averse. That observation certainly rang true when I went to law school in the 1970s. I graduated from the University of Texas School of Law with … Read more

Education Halts Collections. Garnishment Continue Anyway.

In response to the COVID pandemic, the Department of Education allowed student-loan debtors to skip their monthly loan payments without penalty until September 30, 2021. That pause was recently extended to January 30, 2022. Thanks to the Department’s forbearance, millions of college-loan borrowers are enjoying a respite from making loan payments, knowing that DOE will … Read more

Online Learning Sucks: Don’t pay $50,000 a year to take classes in your pajamas

American universities are in a tight spot. When the coronavirus pandemic hit in March 2020, almost all of them closed their campuses and switched to online instruction. Result? Students filed hundreds of lawsuits against the colleges, claiming–rightly in my opinion–that online teaching is inferior to face-to-face instruction and wasn’t what they paid for. In many … Read more

Dept of Ed Position in Student Loan Bankruptcy Case is Nukin Futs

Tamara Parvizi, age 51, sought to discharge $653,743 in student-loan debt in a Massachusetts bankruptcy court. That’s a lot of debt–just shy of two-thirds of a million dollars. For 15 years, Parvizi took out student loans to pursue several degrees, and she became fluent in at least four languages. Nevertheless, Parvizi never made a single … Read more

Senators Show Commonsense With Student Loan Bankruptcy Bill

Piggy Bank Hurt

Is this the year of Jubilee? Is this the year that distressed student-loan debtors finally get to shake off mountainous debt in the bankruptcy courts? Maybe. This week, Senator Richard Durbin, an Illinois Democrat, and Senator John Cornyn, a Texas Republican, filed a bill that would allow college-loan debtors to discharge their federal student loans … Read more

Will You Lose Any Inheritance to Pay Student Loans – Maybe

Martha Standish took out student loans when she was in her late 40s to get an undergraduate degree in accounting. Later she took out a Parent Plus Loan to help her daughter with college expenses. Eleven years after graduating, Standish filed an adversary proceeding in a Kansas bankruptcy court seeking to discharge about $30,000 in … Read more

40-Year Home Mortgages, 9-Year Car Loans, and 25-Year Student-Loans

Interest rates, as the tv hucksters constantly remind us, are near historic lows. So now is an excellent time to refinance your mortgage–maybe take out some equity to upgrade the bathrooms, take a little vacation, or purchase a home entertainment center. Or maybe it’s time to buy a new vehicle–perhaps a premium class crew-cab pickup, … Read more

The Ivy League’s Biggest Scam: Expensive Graduate Degrees That Don’t Pay Off

If you are thinking about enrolling in a pricey Ivy League graduate program, read a recent Wall Street Journal article titled “Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off.” Reporters Melissa Korn and Andrea Fuller report on a WSJ analysis of student debt owed by people who graduated from prestigious schools … Read more

“Don’t Just Retire. Retire Well” But Millions Drowning in Student-Loan Debt

Almost every day, I see a television ad for an investment firm that targets retirees. “Don’t just retire,” the tv spokesperson says. “Retire well.” Of course, everyone wants to retire well. For most of us, that means retiring with our debts paid and enough income to cover our bills and travel occasionally. But many Americans … Read more