
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: May 23, 2014
Partner
201-896-7095 jglucksman@sh-law.comWarren’s long-standing position on student loans – in particular, her past proposals for debt relief and refinancing – have contributed to her popularity among the younger generation and quite possibly to her recent election to national office. She argues that the overall debt burden placed on graduates is slowing the U.S. economy, as first time homeownership and auto loans for the young continue to decline.
“Many senior bankers in the industry are deeply concerned about student loan debt,” Rohit Chopra, the student loan ombudsman for the Consumer Financial Protection Bureau, told the news source. “For a competitive market to work, we need people to be able to not just go to school, but to progress economically. If they can’t do that, there could be real economic repercussions.”
Conventional wisdom holds that it is extremely difficult to discharge student loan debt through the bankruptcy courts. However, a higher-than-expected percentage of those who attempt to discharge such debt in this way are successful, according to Bloomberg Businessweek.
The news source noted that bankruptcy courts have adopted the “Brunner test” for student loan obligations, which requires debtors to meet three requirements in order to discharge their student loan debt, the news source explained. The debtor must be prevented from maintaining a “minimal” standard of living by the debt, must demonstrate a good-faith effort to maximize income and limit expenses and must show that the hardship is likely to continue for most of the repayment period.
While this standard has been widely considered very difficult to meet, Princeton University doctoral candidate Jason Iuliano estimated that 39 percent of debtors seeking to discharge student debt through a bankruptcy since 2007 were successful in a paper published in the American Bankruptcy Law Journal.
If Sen. Warren’s popularity, some of which seems to stem from her populist stance on student loans, is any indication, we may see more politicians taking up the younger generation’s cause in Washington.
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!