Since then he has changed course and supports more bankruptcy policies that can help consumers. One of the biggest potential changes is his support of letting people more easily discharge their student loans in bankruptcy.
What is important to take away is that President Elect Biden supports bankruptcy, and has even stated that too many Americans carry debt for too long when they could utilize bankruptcy protections. Bankruptcy isn’t going anywhere under a Biden Presidency.
President Elect Biden has come out to support Senator Elizabeth Warren’s plan to help consumer’s discharge student loans, and make it easier for people to file for bankruptcy. Of course, this is only a plan. It would need to be a bill that that would arrive on President Elect Biden’s desk only after passing the House and the Senate.
Consumer Bankruptcy attorneys remain hopeful that student loan reform will come about either through Congress passing a bill that changes the rules regarding student loans, or possibly even through executive action, that Biden could take without having to wait for Congress.
If you have questions on if bankruptcy could be right for your circumstances, or just want to ask some general bankruptcy questions, please don’t hesitate to reach out to Kain & Scott, Minnesota’s largest bankruptcy law firm, to set up a free consultation by calling 1-800-551-3292 or visit us at www.kainscott.com.