Will we see significant changes to bankruptcy law in 2020?

She may have ended her 2020 Presidential campaign, but Elizabeth Warren’s ideas are alive and well. This blog is a short commentary on Elizabeth Warren’s plan to change the United States Bankruptcy Code. You can find detailed information about her ideas on Senator Warren’s website www.elizabethwarren.com/plans/bankruptcy-reform.

Three of her proposed plan points would (1) make it easier for people being crushed by debt to obtain relief through bankruptcy (2) expand people’s rights to take care of themselves and their children while they are in the bankruptcy process and (3) end the rules that make it really impossible to discharge student loan debt in bankruptcy.

Senator Warren’s plan is much more than three points; in fact, it proposes very expansive and sweeping changes. As a bankruptcy lawyer, I cannot see a viable way that 100% of the plan would work. However, some of her ideas will undoubtedly change the bankruptcy code and procedures in the years to come. It has been 15 years since the last major bankruptcy law reform and I anticipate the next reform will be here sooner rather than later. When that reform come, it will be here, in part, to the tireless work of Senator Warren.

My firm practices Chapter 7 and Chapter 13 bankruptcy law for individuals and small businesses. If you’re in need of a consultation, please contact me at john@sembratlaw.com or 412-341-3889. You may also visit my website www.sembratlaw.com for additional information.