By Adam S. Minsky, Esq., Forbes Democratic Senators unveiled a sweeping bankruptcy bill this week that would dramatically reform the United States bankruptcy system, and make it easier for struggling Americans to discharge student loans and medical debt through bankruptcy. The Medical Bankruptcy Fairness Act of 2021, proposed in response
By Chris Farrell, Market Watch For many older Americans, everyday life is becoming increasingly precarious financially. A major reason: Too much debt. The numbers are striking. The share of families headed by people 55 and older with debt is up from 54% in 1998 to 68% in 2019, according to
By Snell & Wilmer, JDSupra One issue which has confounded bankruptcy attorneys and courts is whether a creditor, that seized the debtor’s property before the debtor filed for bankruptcy, violates the automatic stay if it does not voluntarily return the property to the debtor. This is commonly seen with pre-petition
By Bradley Arant Boult Cummings LLP, Lexology On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below, we examine four of the CAA
Woman sells clothing item at Washington Square Park amid coronavirus (Covid-19) pandemic as daily life continues. – November 14, 2020 (Shutterstock) By Mark Davidson & Kevin Ward, The Conversation U.S. cities are fast running out of cash. The pandemic will reduce local government revenues by an estimated US$11.6 billion in
By Bradley Arant Boult Cummings LLP, JDSupra On December 9, 2020, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes generally make it easier for consumers to access the bankruptcy system and discharge their debts. Below is
By Elena Botella, Forbes Bankruptcy offers an exit route for families and businesses trapped by debt. In 2019, Forever 21, Barneys New York and Payless ShoeSource declared bankruptcy. Donald Trump’s businesses have declared bankruptcy on six occasions. The Bankruptcy Abuse and Protection Act of 2005 made bankruptcy much more expensive
By Zack Friedman, Forbes Joe Biden can impact your student loans in many ways even if he doesn’t cancel student loans. Here’s what you need to know. Student Loans President-elect Joe Biden has called on Congress to cancel student loans immediately. Biden wants each borrower to receive $10,000 in student loan cancellation
Democratic 2020 U.S. presidential candidate Elizabeth Warren Campaigns in New Hampshire – Exeter, NH – March 15, 2019 (Shutterstock) By Alexander Gladstone, WSJ Congressional Democrats on Wednesday introduced legislation overhauling the U.S. bankruptcy system to make it friendlier to consumers while opening the door to student-loan cancellation, among other proposals.
By Teadra Pugh, Bloomberg Law It could be easy for some to forget the global nature of the pandemic and economic uncertainty that we are experiencing in the United States. As a result, I am taking a look at a less commonly known type of bankruptcy that could provide a
