'This legislation updates the federal bankruptcy code to ensure student loan debt is treated like almost every other form of consumer debt,' says RepJerryNadler.
"Modernizing and clarifying the consumer bankruptcy system is long overdue," said a leader at Public Citizen, one of many groups backing the bill.On the heels of U.S. President Joe Biden's long-awaited student debt relief announcement, four congressional Democrats are pushing to overhaul the section of the bankruptcy code regarding private and federal educational loans.
"This legislation updates the federal bankruptcy code to ensure student loan debt is treated like almost every other form of consumer debt." "Americans across the nation are facing crushing student loan debt that is preventing them from purchasing homes and living the true American dream," House Judiciary Committee Chair Jerry Nadler
Thursday."We must ensure that Americans are able to invest in their education and then go on to live quality lives without the cloud of rising debt hanging over their heads.", which is a positive step in that effort," the congressman continued."This legislation updates the federal bankruptcy code to ensure student loan debt is treated like almost every other form of consumer debt that can be discharged during bankruptcy.
Nadler and Sen. Elizabeth Warren , a former Harvard University professor and a nationally renowned expert in bankruptcy law, are leading the fight for that change. They are joined by a pair of Rhode Island Democrats: Sen. Sheldon Whitehouse and Rep. David Cicilline, chair of the judiciary panel's Subcommittee on Antitrust, Commercial, and Administrative Law.
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