A drawing of the cuneiform transcription of a debt cancellation (amargi law) by Enmetena , ruler of the Sumerian city-state of Lagash, c. 2400 BC, basically the first known bankruptcy discharge. (Original in the Louvre.) By Lynn Yost.
The first section of this Bankruptcy Law Letter examines the questions surrounding the undefined term “educational benefit” in 11 U.S.C. §523(a)(8)(A)(ii), which makes private student loans, which do not meet the IRS definition of being a “qualified educational loan”, nondischargeable. These private loans can include bar review courses, loans for attendance at unacredited schools, loans for school or test preparation and ad hoc borrowing for that somehow relates to education.