On December 9th, Senator Elizabeth Warren (D-MA) introduced the first major consumer bankruptcy reform legislation before Congress since 2005. The Consumer Bankruptcy Reform Act of 2020 (CBRA), if passed, would fundamentally alter the bankruptcy system as we know it.
If you're dealing with debt, you're not alone. Whether it's student loans, credit card balances, health care bills, mortgages or car payments, it's important to keep calm and know that you have options.
The COVID-19 pandemic has had a chilling effect on bankruptcies, however many experts anticipate a flurry of new filings in the near future, especially as existing holds on collection activities are lifted. Now is the time for creditors and to gain a firm understanding of bankruptcy concepts, tasks and deadlines.