ARE WE HEADED FOR A MAJOR REVISION OF BANKRUPTCY LAWS? Today, Senators Elizabeth Warren (D-MA), Dick Durbin (D-IL), and Sheldon Whitehouse (D-RI), along with several House Democrats, introduced the Consumer Bankruptcy Reform Act of 2020. If passed, the bill would fundamentally change the entire bankruptcy system — particularly for student loan borrowers. Under current bankruptcy law, student loan debt is extremely difficult to discharge. Borrowers must prove they have an “undue hardship” in order to discharge their student loan debt in bankruptcy. However, in practice, this standard has required debtors to meet a very high standard that most cant meet. The new bankruptcy reform billRead More →