
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: March 17, 2015
Partner
201-896-7095 jglucksman@sh-law.comUnder their proposal, any education loans issued to students by private financial institutions would be treated like any other unsecured debt in a bankruptcy proceeding. This would be in contrast to the current situation, where student loan debt – public or private – is nearly impossible to erase in a bankruptcy proceeding.
Of course, in an individual Chapter 11 bankruptcy, debtors are required to submit a plan that provides for all of their disposable income, over a five year period, to be available to pay their unsecured pre-bankruptcy debts. Nevertheless, under the new proposal in the Senate, the end result after five years of such payments would be that the remaining student loan debt would be discharged.
At the present time, total student loan debt exceeds $1.2 trillion dollars. Of this amount, $165 billion stems from private lending sources, according to Fortune. The proposal in the Senate would therefore help only roughly ten (10%) percent of the outstanding amount, but would provide a starting point.
According to Fortune, the lending industry’s primary trade group, the Consumer’s Bankers Association, responded to the President’s proposal by suggesting that lawmakers instead address the rising cost of college.
Are you a student or a working professional who is dealing with debt procured during college? Let me just tell you that you are definitely not alone, there are millions of Americans older and younger than you dealing with the same issue.What’s your experience like dealing with student loan debt? Feel free to share your thoughts and feelings in the leave your comments in the section below.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!