Senator Elizabeth Warren plans this week to reintroduce a bill that would overhaul U.S. bankruptcy rules and create a potential path for Americans to erase their student loan debt.
The Massachusetts Democrat is set to introduce the measure on Thursday at a House Judiciary hearing on bankruptcy reform. Warren's proposal, co-sponsored by Democrat Jerrold Nadler of New York, comes as student loan debt has reached a record $1.7 trillion. Federal student loan payments, which have paused for the past two years because of the pandemic, are set to restart January 1.
Bankruptcy reform has long been a signature issue for Warren, a Massachusetts Democrat who taught bankruptcy law at Harvard University in the early 1990s and who is the author of many scholarly papers, articles and books on the subject. As part of that focus, she has argued that current bankruptcy law hurts the average American because it bars them from discharging student loans or home mortgages — often the two biggest obligations for consumers.
Mmm, no. If it was just about new Chapter 10 (student debt) then okay for discussion. But the changes to other established laws outside Chapter 10, go too far. She should focus just on 10 and what amount, if any, of student debt might be forgiven during bankruptcy.
this is stupid. They need to stop making the loans then. You can't forgive and allow them to be BK's and continue to make them.
Ludicrous
It need to be reformed, no one should lose the houses or anything else just because of a student loan.
Finally
Get them off credit in 2 months..
Did she read this bill before she planned to introduce it in the coming days? She didn't read the last couple of proposals she introduced, even admitted to not doing so due to 'not having enough time'.. What are we even paying these people for?
wbz Why can’t people making $100,000 pay their student loans. Stop creating entitled and dependent citizens.
Bullshit pay your debts!!
And that provision can only be availed by high networth individuals and their children will throng the corporate and would not let others step foot in the land that was built on crony capitalism. That is the new divide.
wbz There is no limit to their destruction
wbz The pivotal difference between those items and student loans is that student loans are backed by the Federal government which means that they’re backed by you and I, They should be extremely difficult to discharge in bankruptcy.
wbz Maybe Taz and Rau can make a donation to this fraud…
So 18.6% interest rates too? Minimum payments more than interest owed. Fewer willing lenders. What could possibly go wrong. The government does not pay bankruptcy debt. Consumers do.
insane......40% of student loan borrowers either dropped out or never went to college,.....taxpayers should not be on the hook for this !!
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