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AccessLex Institute Statement on modifications to Bankruptcy Code to guard Student Loan Borrowers

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AccessLex Institute announced its support for restructuring the treating student education loans beneath the Bankruptcy Code to higher assist borrowers in economic distress. This proposition supplements AccessLex Institute’s help of numerous other, student-borrower friendly jobs.

Ahead of 1976, figuratively speaking, similar to other styles of unsecured credit, had been dischargeable in bankruptcy; but changes made over the past 40 years towards the Bankruptcy Code have actually triggered extremely burdensome procedural and substantive hurdles to the release of student education loans by borrowers. Today, a student-based loan borrower searching for release must participate in a different adversary proceeding inside the bankruptcy continuing to show that an educatonal loan produces an “undue difficulty” before a court may purchase complete or partial release of these loans in bankruptcy. Due to these hurdles, it’s estimated that a simple 0.3 % of education loan debtors …