Leading Bankruptcy Nonprofit Upsolve Endorses Consumer Bankruptcy Reform Act of 2020

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The bill is the most comprehensive bankruptcy reform introduced since 2005.

Comprehensive bankruptcy reform is central to our nation’s recovery after COVID-19 and our commitment to racial justice.

Today, Upsolve, the leading consumer bankruptcy nonprofit in the United States, announced that it is endorsing the landmark Consumer Bankruptcy Reform Act of 2020. This is the most comprehensive bankruptcy reform introduced since 2005.

On December 9, 2020, Senator Elizabeth Warren (D-Mass.) and House Judiciary Committee Chairman Jerrold Nadler (D-N.Y.) introduced the Consumer Bankruptcy Reform Act of 2020. During his Presidential campaign, President-Elect Joe Biden adopted Senator Warren’s proposal.

According to Upsolve CEO and co-founder Rohan Pavuluri, “Comprehensive bankruptcy reform is central to our nation’s recovery after COVID-19 and our renewed commitment to racial justice.” Pavuluri continued, “Bankruptcy reform will help millions of Americans re-enter the economy. It will also help Black and Brown communities who suffer from disproportionately high debt loads.”

The Act simplifies the bankruptcy code, makes the code more uniform and accessible for low-income families, and allows student loan debt to be discharged. Nearly one in three individuals who currently use Upsolve continue to carry student loan debt following their bankruptcy discharge.

Upsolve is hopeful that the Consumer Bankruptcy Reform Act of 2020 will receive widespread support. According to Pavuluri, “Access to bankruptcy is one of the leading civil rights issues of our time. The complexity of today’s forms resemble literacy tests. They deprive American citizens of rights they’re supposed to be guaranteed. This bill should appeal to legislators who fight to eliminate needless bureaucracy and legislators who fight for social justice.”

About Upsolve

Upsolve is a 501(c)(3) legal services nonprofit that helps low-income families file for bankruptcy for free, using an online web application. To date, Upsolve has relieved over $250,000,000 in debt. Spun out of Harvard Law School, Upsolve has received numerous awards, including TIME Magazine’s Best Inventions of 2020, Fast Company’s 2019 World Changing Idea of the Year Award in Social Justice, and the New York Times Good Tech Award in 2018. Upsolve is funded by Y Combinator, Eric and Wendy Schmidt, the Robin Hood Foundation, the Legal Services Corporation, the Hewlett Foundation, Jim Breyer, Vinod Khosla, Chris Sacca, and several others. For more information, please visit upsolve.org.

Important Links:

Types of Bankruptcies Explained

Pros and Cons of Bankruptcy

Chapter 7 Bankruptcy Means Test Calculator

Cost of Bankruptcy

Buying a House After Bankruptcy

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Ivetty Estepan
Upsolve
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