NMU's Compliance Database - Northern Michigan University
Bankruptcy Abuse Prevention & Consumer Protection Act of 2005
| Reviewed By | Internal Auditor Owner |
| Regulation Reference Cite | Public Law No. 109-8: 11 U.S.C. §§ 101-1532 |
| Report Due Date (Actual) | N/A |
| Level | Requirement |
| Oversight Unit | CONTROLLERS OFFICE |
| Person Responsible | Pamela Johnson |
| Secondary Person Responsible | Jamie Beauchamp |
| President / VP Level | Finance |
| Description |
Prohibits the discharge of most student loans in bankruptcy, when the loans were obtained from the government or non-profit higher educational institutions. There is an exception for undue hardship and for loans that became due more than seven years before the filing of the petition. |
| Contacts and Data Sources |
| Pam Johnson is the person who deals with the discharge of debt (student loans). This is put under the Controller because Pam reports to the Controller. |