Getting out from under crushing student loan debt might become a little easier if new proposed changes in bankruptcy rules take hold.
In 2018, bankruptcy petitions hit their lowest mark since 2007 after a spike tied to the Great Recession. The rates dipped as the 10-year bull market charged on and unemployment hit a low point not seen in 49 years. Some of the most dramatic suggested changes to the treatment of student loans fall into this category, including a proposal that would allow borrowers to discharge student loans in bankruptcy seven years after they became payable.
Many judges are already looking for a way to treat distressed borrowers more leniently in bankruptcy, Jiménez said. “They need cases in front of them to do that and they need argumentative fodder,” she said. The report is “more likely to move the needle forward than one of them sticking their necks out there without a lot of backing.”
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