Blake Zeff Wikipedia, Bio, Wife, Age, Biography, Wiki, Net Worth

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Blake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net Worth

Blake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net Worth – Due to the Biden administration’s one-time delisting plan, currently on court adjournment and another repayment pause, until June 30, 2023, student debt was in the news.

Blake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net WorthBlake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net Worth

But bankruptcy, according to Blake Zeff, filmmaker of the recent documentary “Loan Wolves,” is a little-discussed option for the escalating crisis that affects 43 million borrowers and has total debt. more than 1.6 trillion dollars.

In practice, now, it is very difficult for debtors to file for bankruptcy on student loan debt because of the two words that were added to the law in 1990.

too difficult

The documentary “Loan Wolves” follows Zeff as he investigates the mysterious history of the “excessive hardship” provision, which was added to the 1998 amendment to the Higher Education Act and responsible for the current bankruptcy problems facing student loan borrowers.

Before turning to journalism, Zeff worked for Senator Chuck Schumer for three years as a senior assistant and senior communications and policy adviser in the New York Attorney General’s Office. He’s spent most of the past six years researching student loans, bankruptcy, and “excessively tough” terms.

Under current student loan laws, borrowers must demonstrate “excessive hardship” in order to get relief through bankruptcy. To satisfy this requirement, the judge must find that the borrower has made good faith efforts to repay the loan but cannot maintain the “minimum standard of living” and that their situation is unlikely to get better. The strict regulatory criteria have long been criticized as being too arbitrary and troubling for lenders to meet, especially by groups like the American Bar Association.

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Very few borrowers can pay off their student loans under the “excessive hardship” criterion, which is a stricter criterion than eliminating other debt, such as credit cards. , gambling debt or collection agency account. This includes even people who are dealing with cancer and disabled epilepsy.

Step in the right direction

In an effort to make it easier to get out of debt, the Department of Education and Justice released new bankruptcy recommendations for student loan borrowers on Thursday, May 17. 11. However, the new regulations may not be the solution they claim. To be.

According to Zeff, a former political editor at Salon, “it’s definitely a step in the right direction and I’m really glad that this conversation made it to the president’s desk.” But see, with these things, the devil is always in the details.

By taking into account the borrower’s current and potential solvency as well as a good faith effort to pay, as determined by Department of Justice attorneys in consultation with the Department of Education , the new Biden administration guidance aims to clarify the criteria needed to meet the “excessively difficult” standard.

The criteria are still somewhat arbitrary and have not been codified into law, so they could be ignored by the next government if the law is not established, although the new guidance may benefit some.

As the Biden administration moves forward with commitments to pay off some student debt and address the escalating debt crisis, discussion around the “excessive hardship” provision and student loan forgiveness through Bankruptcy has changed in recent years.

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Legal objections are currently hindering the administration’s efforts to disburse $10,000 to $20,000 per federal borrower, and the case is being appealed to the Supreme Court.

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