Breaking News (02/03/2012): Law grads go to Court for Bankruptcy Protection

See MSNBC article posted today: Law Grads Go to Court for Bankruptcy Protection. You can tell she was a recent graduate most people

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know that Sallie Mae lobbied Congress in the 1990s to stop allowing student loans from being discharged in bankruptcy. They have the whole legal industry–in their hands…♫ Because Sallie Mae would suffer undue hardship if student loans were discharged. It’s a tax write-off, they won’t lose anything. An indebted, unemployed, graduate, well you being unable to feed yourself, just does not fit within the purview of being important to the federal courts or financial institution. Good day…

My favorite line: “If you did not go to a top 40 law school and finished in the top 25 percent of your class, you’re not going to get one of those jobs,” said Jordan Abshire, principal of attorney recruiting agency Lateral Link. Abshire said that since 2008, he has seen more attorneys with a few years of experience filing for bankruptcy, often carrying a new home mortgage on top of their student loans.

Despite what CNN says the economy is not getting better, especially for law graduates. Another warning to the would be 0L, basically for you to earn enough money to live decently AND be able to pay back your student loans you have to go to a top school. I’m not sure why they said top 40, it’s really Top 10 and even those people are doing contract work. Further buried in the article:

The debt load on students is made worse by the shrinking legal job market. Since January 1, 2008, major law firms have laid off about 5,900 attorneys, according to the Lay-Off tracker at lawshucks.com, a blog that tracks law firm hiring. That is about 5 percent of all attorneys at the 250 largest law firms, according to the National Jaw Journal. (The U.S. Department of Labor does not collect job data on attorneys specifically.)

The truth shall set you free, if you are an 0L it will prevent you from economic slavery.

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4 Comments »

  1. Nando Said:

    Debt slavery serves another purpose: those of lucky to have jobs are MUCH less likely to rock the boat. Because it is increasingly difficult to find another decent job. Someone earlier asked me if law firms help pay off student loans. Since I was at work, I was polite and said that those days are LONG gone. (I really wanted to say “Apparently, not unless you can sleep with all of the firm’s partners five days a week, and pick up their groceries.”)

    • A Law School Victim Said:

      The question is no longer ‘what do want to be when you grow up?’ it will be ‘how will you survive as an adult, because you know there aren’t any jobs for you out there!”

  2. A Law School Victim Said:

    Please read this post I did in 2010, Sallie Mae will NOT suffer undue hardship in a bad economy: https://lifesmockery.wordpress.com/2010/06/30/people-were-right-the-next-round-of-default-will-be-student-loans/


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