The law prohibits education loans from being discharged through bankruptcy. It should be repealed to provide relief.
The typical Black family lacks wealth and thus relies more on debt to attend college than white households do. In 2016 the Brookings Institutethat Black students who graduated from college in 2008 owe $7,400 more, on average, than their white peers do. Furthermore, Black students owe an average of $52,726 four years after graduation — compared to $28,006 for the average white student. Usurious interest rates as high as 28 percent contribute to this huge discrepancy.
Properly understood, Congress’s 13th Amendment power to pass “appropriate legislation” supplements its Article I bankruptcy power. Joseph Simmons’s 2021 law review article,explains how the 13th Amendment established the merchant-citizen paradigm which “reconstructed” the bankruptcy power. He shows how bankruptcy law evolved into the right to a fresh start.
Notwithstanding the Act of 1841, bankruptcy law was a creditor remedy against merchant debtors before the Civil War. The 13th Amendment made it the fundamental policy of federal bankruptcy law to grant the honest debtor a fresh start. Enter the Bankruptcy Act of 1867. According to Thompson, Southerners lost two-thirds of the value of their property from the war. Half their loss was the result of the emancipation of 4million formerly enslaved persons who, in 1860, had been worth almost $4 billion. The South was in economic shambles.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
University professors in Texas are suing the state over ‘unconstitutional’ TikTok ban | EngadgetA group of college professors sued Texas today for banning TikTok on state devices and networks, as reported by The Washington Post.
Read more »
Republicans, trade association in fight with SEC over ‘unconstitutional’ list of investor infoRepublican lawmakers and the American Securities Association say the Securities and Exchange Commission (SEC) is violating privacy by putting together investor list.
Read more »
Times Square Margaritaville hotel faces bankruptcy, gets caught up in legal disputeThe Margaritaville Resort Times Square Hotel in New York City has recently found itself in the center of a legal dispute. The LLC with 100% membership interest in it filed for bankruptcy.
Read more »
With Utah Lake dredging project sunk, Lake Restoration Solutions files for bankruptcyThe company’s multiple lawsuits mean it can’t cover its bills, but the CEO gave a sizable chunk of its assets to his anti-wolf nonprofit only a few months ago.
Read more »
David's Bridal avoids shutdown with no-cash bankruptcy saleBankrupt wedding gown retailer David's Bridal received court approval on Friday to sell its business to asset manager Cion Investment Corp in a no-cash transaction, reaching a deal to keep 195 stores open and avoid a total shutdown.
Read more »
Secret Service probe ends after cocaine found at the White HouseThe U.S. Secret Service said it is closing its investigation into a bag of cocaine that was left in the White House on July 2 while the Biden family was away.
Read more »