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A bill introduced by Democratic U.S. senators looks to make it easier for Americans to discharge student loans and medical debt. If passed as currently written, the Medical Bankruptcy Fairness Act of 2021 would drastically change the U.S. bankruptcy system by removing certain procedural hurdles that make the bankruptcy process complex and by creating a clearer path to discharging debts that impact millions of Americans. The bill is in direct response to the struggles posed by COVID-19 [...]

Private credit lenders started 2020 both with anticipation and trepidation. Activity levels were strong and default levels were at historic lows, but private credit lenders worried about the risk of economic headwinds – after all, we were then in the extra innings of the longest economic recovery on record. At the time, we predicted the next wave of restructurings would be different because, unlike traditional lenders, private credit lenders have many more tools in the [...]

Part 3: Congress Gives Suppliers and Landlords a Shiny New Arrow in their Quiver to Challenge As discussed in previous posts, the Consolidated Appropriations Act of 2021 (the "Act") was signed into law on December 27, 2020, largely to address the harsh economic impact of the COVID-19 pandemic. For bankruptcy litigators – or any business which has been frustrated to receive a demand letter after one of its customers filed bankruptcy – one particular amendment stands out [...]