WASHINGTON – Today, U.S. Senator Dick Durbin (D-IL) joined a webcast hosted by the National Association of Consumer Bankruptcy Attorneys (NACBA) and National Consumer Law Center (NCLC) to speak about the need for Congress to pass bankruptcy reform in light of the COVID-19 pandemic. For years, Durbin has worked on common sense consumer bankruptcy reforms. During the call, Durbin discussed his support for several bankruptcy reforms in the House-passed HEROES Act. Durbin is the lead sponsor of two major bankruptcy reform bills: the Student Borrower Bankruptcy Relief Act and the Protecting Employees and Retirees in Business Bankruptcies Act.
“As we grapple with the economic consequences of the COVID-19 pandemic, American families and small businesses will continue facing serious financial pressures in the coming months and years. It’s safe to assume that a wave of bankruptcy filings is on the way,” said Durbin. “Now is the time for bankruptcy reform. Whether it is finding ways to help families save their homes in bankruptcy, to restoring dischargeability of student loans, to reforming the Chapter 11 process to better protect workers and retirees instead of corporate executives; we must end years of delay and finally make our bankruptcy system fairer.”
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
