Bill Allowing Discharge Of Student Loans Advances

Law360, New York (September 16, 2010, 2:08 PM EDT) -- A subcommittee of the House Judiciary Committee has passed a bill that would allow consumers to discharge private education loans in bankruptcy, in a move that would repeal changes made when the U.S. Bankruptcy Code was overhauled in 2005.

The subcommittee on commercial and administrative law passed H.R. 5043, or the Private Student Loan Bankruptcy Fairness Act of 2010, by a roll call vote of 6-3 on Wednesday.

The bill would reverse part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which expanded...
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