You’ve seen the commercials and heard them on the radio: “don’t pay your debt, don’t go into bankruptcy, eliminate your debt!”
Eliminate your debt without bankruptcy? Really? What the hell am I advising my clients then?
So I did some poking around… which is big fancy lawyer talk for “legal research.” And I think I was able to put my finger on what some of these companies are actually selling.
I’ve been reading many interesting comments online about yesterday’s Supreme Court ruling in Espinosa. Some of my colleagues are suggesting that this is a huge win for consumer debtors. I think Mr. Espinosa is justifiably happy. I’m not sure creditor’s attorneys are happy. I’m think debtor’s attorneys can be happy, sort of. I think Bankruptcy Judges might have something to be concerned with… and if it concerns Bankruptcy Judges, it ought to concern me.
And it does.
In another unanimous decision relating to an important bankruptcy issue, the US Supreme Court today ruled that a student loan creditor’s failure to object to confirmation to a chapter 13 plan was fatal to the creditor’s post-discharge attempts to collect the debt.
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