Well, this is pretty much my worst nightmare. Legal Profession Blog reports on the horrible story of Olufemi Nicol:
The Illinois Administrator has filed a complaint alleging that an attorney failed in bad faith to repay his student loans for a graduate business degree obtained after he graduated from the University of Chicago Law School in 1994. From 2006-2006, the attorney held several positions in business including a stint as president of Gear 7 in Los Angeles. The complaint alleges that the attorney received over $78,000 in loans in 2006 and signed two promissory notes. He allegedly has not made any payments on either note.
Okay, phew. I never took out additional loans for further education while I still owed money on my J.D. And I restarted payments — minimum payments — after I got a new job outside of Biglaw. I’m golden. AVOIDING DEBTOR’S PRISON SECURE!
But this Nicol guy? Yeah, sounds like he’s screwed. Law Shucks picks up the story….