Wednesday, August 5, 2015

Bankruptcy Court, Why Bother?

I frankly don't understand the issue with the nondischargability of student loans in the law school context.  After all, everyone knows that a juris doctor is equal to a lifetime earnings premium in excess of forty-five gazillion dollars.  Unless you manage money like Vin Baker, you should be retired and living a yacht fantasy by age fifty-six.

Instead, look at this lottery winner:
"Tetzlaff currently owes approximately $260,000 in student loan debt...

"Tetzlaff is fifty-six years old and lives [XX] with his eighty-five-year-old mother; they both subsist on the income from her Social Security payments. Tetzlaff is divorced, has no children, and is currently unemployed. From the mid-1990s until 2005, Tetzlaff pursued a Masters in Business Administration from Marquette University, as well as a law degree from Florida Coastal School of Law ("Florida Coastal").
I don't understand why this man is unemployed. He otherwise fits the profile of a models 'n' bottles life.

The wisdom of the 7th Circuit agrees:
Given Tetzlaff’s academic degrees, prior work experience, and age, we agree with the bankruptcy court that he is capa-ble of earning a living. (In fact, Tetzlaff’s capable pro se rep-resentation in this case is, in our opinion, an indicator of his marketable job skills.) 
Are you not entertained by systematized Catch-22s?! [would a graduate of a finer law school have known to sandbag it?] I wonder when Judge Flaum will be offering Teztlaff a job in chambers; I'm sure it's any day now.

It's not just marketing puffery that a 56-year old Florida Coastal grad should be able to have a remunerative legal career and not face an undue hardship paying down $260,000, it's now the law in an influential United States appellate circuit.


  1. Justice Flaum is apparently squarely Silent Generation, and doesn't have any time for this slacker Boomer Tetzlaff and his lazy crap, amirite? Or Tetzlaff's Silent Generation mother. We should all just be appointed by Ford and Reagan to various posts - there, problem solved.

    As a Gen-Xer, I laugh at both generations and their rigid, in-the-bubble view of how the world works. Guys, it's 2015, if you haven't noticed, and the rubber meets the road outside of your gated communities. But unlike Boomer hypocrites and their moralizing, I actually feel for Boomers who got stuck with a raw deal like Tetzlaff. We're all living it, outside the preferred, protected, and connected class.

    "Born in Hudson, New York, Flaum received a B.A. from Union College in 1958, a J.D. from Northwestern University School of Law in 1963, and an LL.M. from Northwestern University School of Law in 1964. He was a U.S. Naval Reserve Lieutenant Commander, JAG Corps from 1981 to 1992.

  2. Most marketable job skill: not having a JD.

  3. Same Circuit as the Krieger case, same creditor - Educational Credit Management - but no Judge Easterbrook on this panel.

    I am still waiting for a federal judge to acknowledge the state of the economy and labor market. But, what would they know about it? They have life tenure and salary protection paid by people who hold real jobs.

    1. Anybody that has practiced law should already understand there is no logic and reason or integrity to the system at all. Judges already know which way they're going to go, and no amount of evidence or argument will change their mind. They're just going to take that argument and spin it for their decision, if they even bother doing that (most are too lazy to even justify themselves).

      You'd have to be a fool to trust the system. Unless you've already paid off the judge you are going to be in trouble.

  4. "In fact, Tetzlaff’s capable pro se rep-resentation in this case is, in our opinion, an indicator of his marketable job skills.)"

    So, if you are too poor to afford an attorney and represent yourself, then you have marketable skills? He's 56, went to shitty law school and failed the bar twice.