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Second Circuit Rule Private Student Loan May Be Dischargeable in Bankruptcy
Author: David EdelbergDate: October 1, 2021
The Second Circuit Court of Appeals has joined the Tenth and Fifth Circuits in ruling that certain private student loans may be dischargeable in a Chapter 7 bankruptcy. The Second Circuit specifically held in Homaidan v. Sallie Mae, Inc., 3 F.4th 595 (2d Cir. 2021) that the loans at issue did not qualify as “student loans” under 11 U.S.C. § 523(a)(8)(A)(ii)—which excepts from discharge “an obligation to repay funds received as an educational benefit, scholarship, or stipend.”
Hilal K. Homaidan took out loans totaling $12,567 from Defendant-Appellants Sallie Mae Inc., Navient Solutions, LLC, and Navient Credit Finance Corporation (collectively, “Navient”). Although the loans helped underwrite Homaidan’s college education, they were not made through Emerson’s financial aid office, nor—Homaidan alleges—were they made solely to cover Emerson’s cost of attendance. They went straight to Homaidan’s bank account, and the loan proceeds exceeded the cost of Emerson’s tuition.
Scarinci Hollenbeck Partner Spoke about Cannabis and its Effect on Consumer Bankruptcy Practice
Scarinci Hollenbeck Partner Daniel T. McKillop Spoke about Cannabis and its Effect on Consumer Bankruptcy Practice on Hudson Valley Bankruptcy...
Advanced Collection Practices and Bankruptcy Implications NJICLE Webcast
Scarinci Hollenbeck Partner David Edelberg to Speak on “Advanced Collection Practices and Bankruptcy Implications: Part 3” Webcast Hosted by NJICLE...
NJ Law Firm Expands Bankruptcy & Creditors’ Rights Practice
Chair of the New Jersey State Bar Bankruptcy Law Section Joins Scarinci Hollenbeck’s Lyndhurst Office as Partner April 6, 2021...
Third Circuit Clarifies When Subordination Agreement Can Be Ignored in Bankruptcy Cramdown
September 18, 2020
The Third Circuit Court of Appeals affirmed the order confirming Tribune Co.’s Chapter 11 bankruptcy plan over the objections of...
Bankruptcy Filings Fall, Chapter 11 Filings Rise Compared to April 2019
May 7, 2020
The American Bankruptcy Institute reports that the government’s measures in April appear to have helped individual citizens avoid bankruptcy... The...
SCOTUS Rules Trademark Licensee Rights Survive Bankruptcy Rejection
August 9, 2019
The U.S. Supreme Court Recently Clarified What Happens to a Trademark Licensee's Rights When a Bankruptcy Debtor Rejects a License...
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