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Author Topic: Student loan servicer appeals landmark $220,000 bankruptcy ruling  (Read 370 times)

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Offline Elderberry

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Student loan servicer appeals landmark $220,000 bankruptcy ruling
« on: January 26, 2020, 02:50:14 am »
Yahoo Finance by Aarthi Swaminathan 1/24/2020

A student loan servicer is appealing a bankruptcy judge’s watershed decision to discharge all of a U.S. Navy veteran’s student debt.

Educational Credit Management Corporation (ECMC) — a nonprofit that guarantees and services student loans on behalf of the Department of Education (ED) — is challenging the January 7 decision made by Chief U.S. Bankruptcy Judge Cecelia G. Morris, who discharged $221,385.49 in student loan debt for Navy veteran and lawyer Kevin Rosenberg under chapter 7 bankruptcy.

‘Very few student loan cases get appealed’

In the latest filing, ECMC elected to “have the appeal heard by the United States District Court rather than by the Bankruptcy Appellate Panel.“

Rosenberg told Yahoo Finance that “the appeals process is beyond my level of knowledge and experience, so I’m reaching out to advocacy groups and attorneys in hopes of finding pro bono representation.”

He added: “The case is likely to go the Supreme Court so whomever represents me in the case will truly make a name for themselves. So, on one hand, I wish this was over already. And on the other, I’m excited about what this means for those still suffering under the weight of an unjust system.”

More: https://finance.yahoo.com/news/student-loans-bankruptcy-ruling-131844930.html
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Offline Slide Rule

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Re: Student loan servicer appeals landmark $220,000 bankruptcy ruling
« Reply #1 on: January 26, 2020, 11:25:35 am »
A student wanted his personal debt of $221,385.49 discharged to you and I.

Doctor or not, your party time is over. It would be unjust to wipe his debt.
Better to learn a bit of personal money management by paying your own
damn debt. Learn how to control your spending. Become a responsible
person.

:)
« Last Edit: January 26, 2020, 11:27:51 am by Slide Rule »
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Offline darroll

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Re: Student loan servicer appeals landmark $220,000 bankruptcy ruling
« Reply #2 on: January 26, 2020, 07:47:24 pm »
Now they want to bankrupt our student loan program.
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Offline Fishrrman

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Re: Student loan servicer appeals landmark $220,000 bankruptcy ruling
« Reply #3 on: January 26, 2020, 11:52:48 pm »
darroll wrote:
"Now they want to bankrupt our student loan program"

There shouldn't BE a federally-insured student loan program... at all.

If there was not, I sense that the cost of "education" (if that's what you want to call it) would be significantly lower.
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