The Biden administration's new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say.
"We have gotten forgiveness for a number of clients under the new bankruptcy changes," said Malissa Giles, a consumer bankruptcy lawyer in Virginia."The discharge is life changing.""We have gotten forgiveness for a number of clients under the new bankruptcy changes," said Malissa Giles, a consumer bankruptcy lawyer in Virginia."The discharge is life changing for them and their families.
"I've helped several people take advantage of the expanded ability to discharge their student loans in bankruptcy," Neu added.While borrowers in extreme financial distress may benefit from the more lenient rules, most people should try to avoid bankruptcy, experts say.Most borrowers should look for other relief options instead, said higher education expert Mark Kantrowitz.
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