Blogs
This article in the Norfolk paper about Portfolio Recovery explains something I had only guessed at, before. Debt collectors know when your finances improve. Debt collectors pay the credit bureaus to tell them. I’m a Virginia bankruptcy attorney, and I know people want to put off filing bankruptcy for as long as possible. Some people come […]
The post Debt Collectors will be on you like a duck on a junebug by Robert Weed appeared first on Robert Weed.
The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy... Read more »
The post Are Funds in an Inherited IRA Protected in Bankruptcy? appeared first on AllmandLaw.
The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy... Read more »
The post Are Funds in an Inherited IRA Protected in Bankruptcy? appeared first on Allmand Law Firm PLLC.
The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy […]
The post Are Funds in an Inherited IRA Protected in Bankruptcy? appeared first on Allmand Law Firm PLLC.
This post is specifically directed to consumer bankruptcy attorneys located in the Chicago area. The American bankruptcy Institute is holding their seventh annual Chicago consumer bankruptcy conference to be held on November 11, 2014. The conference will take place at the University of Chicago Gleacher center. The conference will focus on current issues affecting debtors+ Read More
The post 7th Annual Chicago Consumer Bankruptcy Conference appeared first on David M. Siegel.
In 2011, the U.S. Supreme Court (the “Court”) issued
its noteworthy decision in Stern v. Marshall,1 in which it held
that bankruptcy courts lack the constitutional authority to enter a final
judgment on a state law counterclaim that is not related to the bankruptcy
proceeding. Since Stern, a number of cases have been published - at both
the bankruptcy court and court of appeals levels - where Stern
jurisdictional issues have been raised and adjudicated. We recently wrote about
one on this blog.
The Court, itself, had a chance to consider the
implications of Stern in the case of Executive Benefits Ins. Agency
v. Arkinson.2 In a unanimous decision
written by Justice Clarence Thomas, the Court ruled that where Article III of
the U.S. Constitution does not permit a bankruptcy court to enter final
judgment on a bankruptcy related claim, the bankruptcy court may issue proposed
findings of fact and conclusions of law with respect to the claim, to be
reviewed de novo by a federal district court.
Read More ›
Tags: U.S. Supreme Court
Chicago Bankruptcy Lawyers Chicago bankruptcy lawyers want to have their clients’ bankruptcy cases be determined to be no asset cases by the panel trustees. This rather simple expression means that the debtor is not going to lose any property while going through the bankruptcy process. As a bankruptcy lawyer, my goal is to get a+ Read More
The post Chicago Bankruptcy Lawyers Want To Hear The Chapter 7 Trustee State “I’ll Make A Finding Of No Assets.” appeared first on David M. Siegel.
What’s the Legal Fee for Chapter 13 in Virginia? People ask all the time, what’s the legal fee for Chapter 13? That should be easy, but it’s tough. Here’s my attempt at a straight answer. The fee I charge you in chapter 13 is set in two ways. By agreement between you and me, and […]The post Overtime Charges and the Legal Fee for Chapter 13 by Robert Weed appeared first on Robert Weed.
Three years after bankruptcy–from the depths of despair to building a retirement home. I love being a bankruptcy lawyer, because I can help almost everyone I see. Just before the July 4 Holiday, while I was rushing to wrap up some work, this email came from a a friend I’ll call John Blackstone. He encouraged […]The post A New Start In Life–Out of the Depths of Dispair by Robert Weed appeared first on Robert Weed.
Corinthian Colleges, a for-profit institution with 72,000 students spread over 100 campuses, is closing down. If you have student loans for your education at Corinthian Colleges, you may find that relief isn’t too far off.
One of the largest for-profit colleges in the nation, Corinthian Colleges owns the following colleges:
- Everest College
- Everest College of Business, Technology and Health Care (Canada)
- Everest Institute
- Everest University
- Everest University
- Everest College
- WyoTech
- Heald College
- QuickStart Intelligence
The company has been the subject of multiple investigations in various states as well as from the Consumer Financial Protection Bureau and U.S. Department of Education. As a result of these investigations into Corinthian’s marketing claims and allegations of altered grades and attendance, attendance has plummeted over the past year.
The U.S. Department of Education announced that it was temporarily withholding federal student aid money, which left Corinthian Colleges in dire financial straits. Last week, the company negotiated a settlement with the federal government that will lead to a complete dissolution of the company.
Discharge Of Federal Student Loans For Attendance At Corinthian
If you’re currently a student at any of the campuses owned by Corinthian Colleges and have federal student loans, you may be eligible for a discharge of those federal student loans if the college closes.
Under the School Closure Loan Discharge may qualify to get your Corinthian Colleges federal student loan wiped out. In order to qualify, you must meet these two simple criteria:
Your school closed while you were enrolled and you could not complete the program of study for which the loan was intended; OR
You were attending school within 120 days of the closure date or on an approved leave of absence when the school closed.
If the college campus is purchased by another college or university and transfers your credits or hours then you would not qualify for the Closed School Loan Discharge. So, too, if you are completing a comparable educational program at another school or completed all of the course work for the program while at a Corinthian Colleges campus (even if you didn’t get your diploma).
If You Don’t Qualify For School Closure Loan Discharge
Some of the campuses owned by Corinthian Colleges will undoubtedly be sold to other entities, and credits may be transferred. Other students may not qualify for a discharge for various reasons.
If you find yourself saddled with federal student loans and no ability to discharge the debt, you should look into income-based repayment or Pay-As-You-Earn to lower your monthly payments. Though this isn’t a perfect solution to your Corinthian Colleges federal student loan problem, it’s a way to keep your debt repayment manageable.
Private Student Loans For Corinthian Colleges
Private student loans do not come with a discharge provision, nor can you lower monthly payments unless the lender agrees to do so.
For these private student loans, you may want to investigate other options such as bankruptcy or strategic default to bring the lender to the negotiation table. These options can come with serious credit and tax implications, so talk with a lawyer.
It’s Never Too Soon
Some Corinthian Colleges campuses will be closing, and others will be sold. Whatever happens, it will likely shake out in the coming weeks as the federal government moves in and starts taking action.
It’s a good idea to investigate your options and put together a plan of attack so that you’re prepared for all possibilities.
Note: The picture at the top of this article is a screenshot of the Corinthian Colleges home page, taken from my computer.
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