Bankruptcy Help
Stephen Behrends • December 20, 2020
Will there be big changes to bankruptcy laws in 2021?
There could be important changes coming to bankruptcy laws if the two democrats win in the special US Senate elections in Georgia on January 5, 2021.
The 2020 Consumer Bankruptcy Reform Act introduced on December 9, 2020 would replace Chapter 7 and Chapter 13 with a single new bankruptcy Chapter. Among the big changes are that it would allow discharge of student loans, provide a discharge before completion of plan payments, help renters with unpaid back rent avoid eviction, provide for discharge of local government fines, allow changes to the principal balance owing on home mortgages that are underwater and provide a way for re-amortization of home mortgages with terms and maturity dates that extend beyond the bankruptcy case.
If you are interested in the actual language of the proposed bill, copy this link into your your browser.
https://www.warren.senate.gov/imo/media/doc/Consumer%20Bankruptcy%20Reform%20Act%20(DUN20676)%2012.7.20%20FINAL.pdf
These kind of changes are definitely needed and would make a huge difference in the lives of many people. The means test in the 2005 bankruptcy reform has caused a lot of problems and the ban on discharging student loans is unfair and deprives many people a chance at a fresh start and a secure financial future. Changes to the bankruptcy code are long overdue.
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