BANKRUPTCY LAWYERS CHEER STUDENT LOAN BILL

Bankruptcy lawyers cheer student loan bill. People who are overwhelmed by student loans could soon find relief. This relief could happen by filing a bankruptcy case. This is potentially great news for those in debt throughout Broward County. Whether in Ft.Lauderdale, Plantation, Sunrise, Davie, Tamarac, Pembroke Pines, Hollywood, or anywhere else in Broward County. Bankruptcy lawyers always hear my student loans are too much. Under the new Senate bill, private student loans would no longer be exempt from protection when a bankruptcy case is filed. Over 40 million Americans carry debts due to student loans. It has become a crisis. This could give hope to millions. It is not clear that this bill would become law. It will certainly face opposition in the Senate and in the House of Representatives. The bill comes at a time when student loan debt has exploded. Americans currently owe $165 billion dollars in private student loan debt. This type of debt used to be dischargeable in bankruptcy filings. That law changed in 2005. This bill seeks to reverse the 2005 change and revert the laws back to before that change took place. Bankruptcy attorneys will be grateful if this bill becomes law. It will be a game changer for many. It would mean private student loans could be discharged when a person files and receives a discharge in a bankruptcy case. This could lead to many more bankruptcy filings. Not only in Broward County and the rest of South Florida, but throughout the country. Many go to school trying to better themselves. Some leave school with huge debt. Many more are unable to even find a job. Or the job pays too little to pay off the student loans.This bill could be an important first step in helping many. Bankruptcy lawyers will then be able to offer even more comfort for those in deep need.