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    --Danielle

Bankruptcy Reform Bill Introduced In The Senate – What It Could Mean If It Passes

On February 2, 2021, the Medical Bankruptcy Fairness Act was introduced into the Senate to help ease the financial burden placed on Americans who face potential bankruptcy as a result of unforeseen medical costs or public health related shutdowns of businesses during the COVID-19 pandemic. In addition, the proposed act includes student loans as a type of debt that could be discharged through bankruptcy.

This addition would represent a radical change to the current rules of bankruptcy law and if this bill passes it could allow many more Americans to get debt relief by filing.

One of the five democratic cosponsors of the bill, Senator Sheldon Whitehouse (D-RI) said, “The vast majority of bankruptcies are tied to medical debt – and that was true even before a pandemic where millions of Americans lost their jobs and were kicked off their employer’s health insurance plan.”

Although the full text of the bill is not publicly available yet, a press release from the cosponsors of the bill highlighted the key provisions:

– Waiving a requirement for individuals filing for bankruptcy to receive credit counseling, since it makes “little sense for those pushed into bankruptcy due to medical debt”.

– Permitting the discharge of student loans through bankruptcy.

– Providing families to retain at least $250,000 of home equity.

If passed, this bill will remove a substantial limiting factor for the relief that can be obtained by filing bankruptcy. Our office will continue to monitor this proposal’s progress through the US Senate. Are you struggling with student debt? At the time of this article’s publication, bankruptcy may not help with student loans, but if this proposal passes through Congress your options for relief may expand.

Do you need debt relief? To see how we can help you today, please feel free to reach out to your Yuba City bankruptcy attorney at (530) 797-4402.

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