Easier Discharge of Private Student Loans in Bankruptcy.
This bill aims to make it easier for citizens to discharge private student loans when filing for bankruptcy. The changes mean private student loans will be treated more like other debts, potentially helping individuals burdened by debt get a fresh financial start. This applies to bankruptcy cases commenced after the bill becomes law.
Key points
Private student loans may become easier to discharge in bankruptcy proceedings.
The change specifically targets private loans, not government-backed ones.
New rules will apply to bankruptcy cases filed on or after the law's effective date.
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