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Calm Down Everybody, Changing the Bankruptcy Code is Actually Really Complicated

Published March 14, 2015 by Sasser Law Firm

I don’t know what sorts of news outlets you subscribe to, but around here this week, we were inundated with reports of President Obama instructing his administration (somewhat vaguely, it seems) to look into tweaking the bankruptcy code to do something about this whole student loan problem. A day or two later, there were reports that Sen. Dick Durban and twelve co-sponsors had introduced a bill proposing that private student loan debt (about 10% of the total student loan burden out there) be knocked down a peg or two and given the same treatment in bankruptcy as credit card debt. Cheers erupted across the fruited plain. Heck, even I raised a fist of solidarity with all those pitiable Phoenix University alumni.

But lets not forget – such bills have been introduced before, and died inglorious deaths in subcommittee chamber rooms; and even the victorious bills take years to actually become law. So cheer away, but still mail your student loan check this month.

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