Support H.R. 2366 – The Discharge Student Loans in Bankruptcy Act of 2017
On Wednesday, October 18, 2017, on behalf of the National Association of Consumer Bankruptcy Attorneys, I had the pleasure to meet with Congressman Brad Schneider, Representative of the 10th Congressional District of Illinois in order to discuss House Resolution 2366. H.R. 2366 is the first bi-partisan piece of legislation to address the growing student loan epidemic.
Did you know that presently, there is 1.4 Trillion in student loan debt, 11% of which is defaulted–currently greater than credit card and auto loan debt, combined? Unlike credit card, medical or auto loan debt, student loans are NOT, as a matter of law, dischargeable in bankruptcy.
Student loan borrowers of all ages are faced with unexpected life traumas, divorce, disability, death of a family member and as the law is currently written, student loan borrowers who are in serious need of debt relief are treated in the same manner as people trying to escape child support payments, alimony, overdue taxes, and criminal fines, and that simply makes NO sense.
Bankruptcy is not and should not be the entire safety net for student loan borrowers, but it is the most organized, recognized and effective system available offering relief to those who most need it.
As much as this may seem like common sense, we need your help. I urge you to contact your representatives (particularly if you live in the 10th District) to impress upon them the importance of co-sponsoring H.R. 2366, the Discharge Student Loans in Bankruptcy Act of 2017.