Attorney Richard Gaudreau

Category: Debt Management

Seismic Change in Discharging Federal Student Loans in Bankruptcy

The U.S. Department of Education’s (“DOE”) promise of a kinder and gentler response to complaints to discharge federal student loans in bankruptcy has been long awaited and may have arrived.    On November 17, 2022, DOE announced a radical departure in how it will analyze these types of cases.  The new procedure can result in DOE...

Statute of Limitations for Private Student Loans

Private student loans are the worst debt in America, bar none.  Lenders have flocked to making private student loans, knowing there are few legal protections available to borrowers.  I can get rid of IRS debt in a bankruptcy easier than I can student loan debt.  One of my clients was told his payment would be...

Have You Been Sued by National Collegiate Student Loan Trust?

One of the more notorious private student loan businesses in America is National Collegiate Trust.    National Collegiate Trust is an organization that specializes in the collection of private student loan debt in New Hampshire,  Massachusetts and elsewhere.    Since your loan is one of thousands of student loans transferred multiple times, this can create a real...

Bankruptcy Means You Don’t Have to Take it Any More

When a consumer files bankruptcy, the bankruptcy court warns creditors they may face a lawsuit awarding damages and attorney’s fees unless all debt collection stops. The technical term for failing to do so is violating the “automatic stay.’ As it sounds, this protection takes effect automatically. It is intended to provide some ‘breathing space’ from...

Court Sanctions Student Loan Monitor, ECMC, For Abusing the Bankruptcy System

Student loan borrowers won a significant battle when the federal first circuit found ECMC, a student loan monitor, abused the bankruptcy system in its collection of student loan debt.   Hann v. ECMC, 711 F.3d 235 (1st Cir. 2013).  Finding that Hann owed nothing,  both a bankruptcy judge panel and the First Circuit Court of Appeals...

Help for ‘Underwater’ Homeowners – Getting Rid of a Second Mortgage in a Chapter 13

Chapter 13 can provide a glimmer of hope to homeowners struggling to make 2nd mortgage payments.  Getting rid of a second mortgage mortgage in a chapter 13 bankruptcy has become routine in many jurisdictions like New Hampshire and Massachusetts.  As a bankruptcy lawyer who has filed a couple of dozen of chapter 13s to strip...

Sneaky Bank Fees Return

[caption id="attachment_225" align="alignleft" width="200" caption="With the implementation of the CARD Act banks are becoming more creative with their hidden fees and charges. "][/caption] Just when you thought the waters of big banking were safe to venture into once more, big banks are desperately chomping after consumer dollars with new fees and charges on consumer accounts.  After...

More Changes to Bank Processing Fees

[caption id="attachment_178" align="alignleft" width="199" caption="Watch your mail for a letter from your bank regarding changing overdraft fees"][/caption] The third and final phase of the Credit Card Accountability Responsibility and Disclosure (CARD) Act will be going into effect on August 22, 2010 but many banks are trying to beat the legislation to the punch.  Included in...