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Bankruptcy Overhaul Needed in Wake of Pandemic, Advocates Say

July 29, 2020, 8:47 PM

Congress should make it easier to discharge student debt and raise debt thresholds for bankruptcy filing to help individuals and families financially struggling during the coronavirus pandemic, Democratic lawmakers and consumer advocates said.

Corporate bankruptcy filings rose 26% in the first half of 2020 after widespread government-mandated shutdowns. And consumer bankruptcy filings also are expected to increase as job losses mount and stimulus measures expire.

“More and more American families are likely to need relief,” Rep. Zoe Lofgren (D-Calif.) said at panel discussion Wednesday calling for bankruptcy changes in the next round of Covid-19 legislation.

Consumer debt is at an...

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