Alexandria, Va. — The ABI Task Force on Veterans and Servicemembers Affairs launched veterans.abi.org to provide updates and information on initiatives and activities to assist debt-burdened veterans and servicemembers. The Task Force aims to unite and deploy the expert resources within ABI to understand, respond to and coordinate with other institutions and organizations to educate, remediate and prevent adverse debt concerns and impacts on veterans and servicemembers. The new website provides information about Task Force members, as well as projects and activities to assist financially struggling veterans and servicemembers. Specific sections include:
Be sure to bookmark the website for ABI’s Task Force on Veterans and Servicemembers Affairs to get the latest news, information and activities of the Task Force as it advances its mission of addressing problems specific to financially struggling veterans and servicemembers. You can also follow as the Task Force adds resources to assist veterans and servicemembers facing financial difficulties.
Members of the press looking to speak to a member of the Task Force regarding the Task Force’s efforts should contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or jhartgen@abiworld.org.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 11,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abi.org/calendar-of-events.
Federal lawmakers yesterday introduced a bill that would give student loan borrowers the power to leave that debt behind when they file for bankruptcy protection, the Wall Street Journal reported. The proposal would enable bankrupt student loan borrowers to cancel that debt along with medical bills, credit card debt and other payment obligations. Erasing student loans while in bankruptcy is very difficult, even for borrowers who face extreme financial difficulties. The bill, Student Borrower Bankruptcy Relief Act of 2019, marks the first time Senate lawmakers have proposed giving student loan borrowers the power to cancel their federal student loans. Nationwide, there is roughly $1.5 trillion in federal student loans outstanding, according to the Federal Reserve Bank of New York. House lawmakers introduced a similar bill in 2017. Reps. Jerrold Nadler (D-N.Y.) and John Katko (R-N.Y.) introduced the bill in the U.S. House of Representatives. Read more. (Subscription required.)
Read Durbin's press release on the legislation.
The issue of student loan debt and bankruptcy is the first problem addressed in the Final Report of the ABI Commission on Consumer Bankruptcy. Click here to download your copy.
Total U.S. bankruptcy filings increased 2 percent in April 2018 over April of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 71,260 in April 2019, up from the April 2018 total of 69,781. The 67,817 consumer bankruptcy filings in April 2019 were also up 2 percent over the April 2018 consumer total of 66,510. Total commercial filings increased 5 percent in April 2019, as the 3,443 filings were up from the 3,271 commercial filings registered in April 2018. Total commercial chapter 11 filings increased 11 percent to 440 in April 2019 from the April 2018 total of 395.
