Overview

• 588 new bankruptcy cases filed between October 2023 and March 2024, a 36% increase from the previous period.
• 98% of borrowers in court cases received full or partial debt relief under the new guidelines.
• The streamlined process includes a self-attestation form, making it easier for borrowers to prove undue hardship.
• 96% of borrowers voluntarily used the new process, indicating widespread acceptance.
• Advocates call for broader awareness, noting the number of filings is still small compared to those eligible.