Elizabeth Warren wants to let people erase student debt by declaring bankruptcy
CBSN
Senator Elizabeth Warren plans this week to reintroduce a bill that would overhaul U.S. bankruptcy rules and create a potential path for Americans to erase their student loan debt.
The Consumer Bankruptcy Reform Act of 2022 would create a new provision in the U.S. bankruptcy code — Chapter 10 — under which student loans would be treated like credit cards, medical expenses and other consumer debt. Borrowers could file for Chapter 10 and have their student loan balance cancelled with approval from a bankruptcy judge.
The Massachusetts Democrat is set to introduce the measure on Thursday at a House Judiciary hearing on bankruptcy reform. Warren's proposal, co-sponsored by Democrat Jerrold Nadler of New York, comes as student loan debt has reached a record $1.7 trillion. Federal student loan payments, which have paused for the past two years because of the pandemic, are set to restart January 1.
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