If this bill is signed into law would that make me, as somebody who is in the midst of a chapter 13 plan, eligible to discharge my private student loans as well without any additional paperwork? My private student loans are part of my plan, i.e. Sallie Mae is currently getting a few morsels.
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The answer to your question is no. The bill would only apply to bankruptcies commenced after the legislation is enacted. Note the language of the bill here: http://www.govtrack.us/congress/bill...bill=h112-2028 Pay special attention to Section 3, part a.Originally posted by cynhgm View Post
Also, don't hold your breath waiting for this bill to be "signed into law." So far it has been introduced and referred to committee, which is pretty much what happens to any and every bill that any congressperson drafts, regardless of its chances of actually making it through the legislative process. Also note that all of its co-sponsors are Democrats. Presently, the House of Representatives is controlled by Republicans, and that means that each committee has more Republican members than Democratic ones. Since no bill can advance without first being approved by the appropriate committees and subcommittees, the chances of a bill that ONLY has Democratic support advancing in a body controlled by Republicans is pretty much zero. The same would be true if Democrats were in charge and a Republican bill were being considered. Sorry, but this bill isn't going anywhere. The ONLY chance that we'll see a bill like this make it through the legislative process is if it ends up being added to a major piece of legislation somewhere down the road as an amendment or rider. That's also very unlikely, but at least somewhat more plausible than a Congress of one party passing legislation that only has support from the other party.Comment
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