Local Attorney Going to Washington to Sound Alarm on Emerging Student
Load Debt Crisis, Other Key Issues
Meeting with congressman and senators on key issues for student loan borrowers and debtors.
Murrieta, CA, February 13, 2013 --(PR.com)-- Lorene Lynn Mies, attorney to Meet with Elected
Officials Regarding Student Loans, Foreclosure Crisis and the Latest Trends in Bankruptcy Filings.
Lorene Lynn Mies, a member of the nonprofit National Association of Consumer Bankruptcy Attorneys
(NACBA), will be in Washington, D.C. later this month to meet with federal elected officials about her
first-hand experiences in dealing with local residents struggling under unmanageable private student loan
debt, facing foreclosure, and facing other financial challenges.
Ms. Mies will be attending the 2013 NACBA Capitol Hill Meeting on February 27th in Washington, D.C.
In addition to highlighting how the current economic crunch is harming local residents, Lorene Mies also
will explain the important safety net function of bankruptcy as a last resort for hardworking south
Riverside County area families in need of a fresh start.
The Worsening Private Student Loan “Debt Bomb”: The Next Foreclosure Crisis?
At the meeting NACBA members will be advocating to restore fairness for students and families being
crushed by more than $150 billion in outstanding private student loan debt in the United States. NACBA
first sounded the alarm on the rising amount of student loan debt with its 2012 report, “The Student Loan
'Debt Bomb': America's next Mortgage-Style Economic Crisis?”
Even in the best of economic times when jobs are plentiful, young people with considerable debt burdens
delay important milestones such as buying a car, purchasing a home, getting married and starting a
family. Racking up student loans in middle age is even more troublesome; parents and other family
members who take out loans for children or co-sign loans will find those loans more difficult to pay as
they stop working and their incomes decline. This concern is echoed by bankruptcy attorneys from across
the country who report that what they are seeing at the ground level feels too much like what they saw
before the foreclosure crisis crashed onto the national scene: more consumers seeking their help with
unmanageable student loan debt, and with no relief available.
The Consumer Financial Protection Bureau (CFPB) has also raised concerns surrounding the private
student loan industry in its 2012 report, in which the CFPB recommended potential changes for the
treatment of private student loans in bankruptcy proceedings: “The absence of consumer protections on
private loans comparable to that available on Federal student loans, combined with the current restriction
on bankruptcy discharge, leave those private student loan borrowers who face extreme financial distress
with no last resort for economic relief, even in dire circumstances, such as borrower death on cosigned
Based on these realties, Lorene Lynn Mies will be stressing the need for passage of the Fairness for
Struggling Students Act of 2013, (S.114 or H.R. 532), legislation that would restore fairness for
Americans who pursued the American dream through higher education and training, only to find
themselves in tremendous debt and with no options for relief.
The National Association of Consumer Bankruptcy Attorneys (http://www.nacba.org) is the only national
organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of
consumer debtors in bankruptcy. Formed in 1992, NACBA has 4,500 members located in all 50 states
and Puerto Rico.
Media Contact: Lorene Lynn Mies, TheBankruptcyMInute.com at tel: 951-894-4791 or email:
Lorene Lynn Mies, A PLC
Contact via Email
Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/472626