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Student Loans Can Be Discharged (At Least Partially) In Bankruptcy After All, Carmella Gubbiotti
Student Loans Can Be Discharged (At Least Partially) In Bankruptcy After All, Carmella Gubbiotti
Bankruptcy Research Library
(Excerpt)
Section 523 of the Bankruptcy Code sets forth debts that are not dischargeable. Among the non-dischargeable debts, which a debtor will still owe after they receive a bankruptcy discharge, are debts from educational loans. As such, these student loan debts may prevent many debtors from receiving a truly fresh start following bankruptcy. Courts historically have approached the undue hardship exception to this rule narrowly, applying it only where the debtor, under the circumstances, could not reap the benefit of her education.
This Article will discuss the various tests courts use to determine whether an educational debt is dischargeable. Part …
The Permissibility Of Chapter 11 Non-Debtor Release Provisions, Ashraf Mokbel
The Permissibility Of Chapter 11 Non-Debtor Release Provisions, Ashraf Mokbel
Bankruptcy Research Library
(Excerpt)
Generally speaking, bankruptcy proceedings do not impact non-debtor third parties liabilities. However, bankruptcy courts are courts of equity. This raises the issue of what provisions may be included in a confirmable plan. Specifically, there is the issue of whether a bankruptcy court can confirm a plan if it contains a non-debtor release provision which impacts non-debtor third party liabilities.
A non-debtor release provision shields third parties who share an identity of interest with the debtor, usually corporate officers and directors in a Chapter 11 proceeding, from any claim, obligation, cause of action, or liability to any party in interest …