all right, to be fair, they do deserve a fresh start. mostly. but student borrowers deserve that option too. now that doesn t mean everyone s going to run out and file bankruptcy, or that they even should. there s something much bigger at play here. - in the absence of the threat of bankruptcy, you open the door for widespread abuse by the lenders. - without bankruptcy as an option, college lenders now frivolously lend out as much money as they can to anybody who wants to apply because repayment is guaranteed. it s up to the student to pay it back no matter what. there is no bankruptcy option. - the lenders know you can t run, you can t hide. so this essentially gives them a license to steal. - when lenders have no incentives to restrict who they re lending to or how much to loan out, guess what happens to tuition costs? - the colleges raised their price,
all right, to be fair, they do deserve a fresh start. mostly. but student borrowers deserve that option too. now that doesn t mean everyone s going to run out and file bankruptcy, or that they even should. there s something much bigger at play here. - in the absence of the threat of bankruptcy, you open the door for widespread abuse by the lenders. - without bankruptcy as an option, college lenders now frivolously lend out as much money as they can to anybody who wants to apply because repayment is guaranteed. it s up to the student to pay it back no matter what. there is no bankruptcy option. - the lenders know you can t run, you can t hide. so this essentially gives them a license to steal. - when lenders have no incentives to restrict who they re lending to or how much to loan out, guess what happens to tuition costs? - the colleges raised their price,
there is no bankruptcy option. - the lenders know you can t run, you can t hide. so this essentially gives them a license to steal. - when lenders have no incentives to restrict who they re lending to or how much to loan out, guess what happens to tuition costs? - the colleges raised their price, essentially at will. - and you re paying for it. and college lenders know that. so the more obscene the tuition, and the more ridiculous the gimmicks that colleges play, the richer college lenders become. - so just having the threat of bankruptcy forces the lenders to behave rationally and with a modicum of good faith. - and without those bankruptcy protections, we re left with a self-perpetuating system of greed. - you know, from the outset, this was a legislatively manufactured crisis. - it was the 1998 reauthorization of the higher education act. - the senate will now vote on the adoption
go on to buy houses, which they ve never been able to do. i ve had two clients actually become multimillionaires. - how hard would it be for me to discharge my student loan debt through bankruptcy? - it s impossible. - i guess bankruptcy is reserved only for the truly neediest cases. all right, to be fair, they do deserve a fresh start. mostly. but student borrowers deserve that option too. now that doesn t mean everyone s going to run out and file bankruptcy, or that they even should. there s something much bigger at play here. - in the absence of the threat of bankruptcy, you open the door for widespread abuse by the lenders. - without bankruptcy as an option, college lenders now frivolously lend out as much money as they can to anybody who wants to apply because repayment is guaranteed. it s up to the student to pay it back no matter what. there is no bankruptcy option.
bankruptcy option and will keep over 4, 500 sears store open. he upped the bid to $5.2 billion winning the auction and beating out a bid that would have sold sears for parts, liquidating everything for cash. that liquidation bid was supported by groups that are owed money like creditors and landlords. the judge has to sign off on the bid at a hearing february 1 in white plains, new york. the judge presiding over that, robert drain, has pushed for lampert to make this deal with sears and save these jobs. some creditors are not completely sold that this is a good idea and that this will revive sears brand, shep. shepard: what are you hearing from analysts on this? analysts i talked to today think that this last ditch effort to keep sears alive is dumping more cash into a company that s been dying off for decades. telling me it s too little too late without fundamental