You may be familiar with U.S. Senator Elizabeth Warren from Massachusetts. Before being elected to the United States Senate in 2012, Senator Warren was responsible for founding the Consumer Financial Protection Bureau. This government agency was created in the wake of the great financial meltdown of 2008 and is tasked with protecting the consumer in the financial sector, including against mortgage lenders and debt collectors. After founding the Bureau, Senator Warren was the most likely candidate to be named the agency’s first director. However, stiff opposition to her appointment by Republican members of Congress prevented this from occurring. Instead of allowing this career blow to derail her long history of public advocacy, then Professor Elizabeth Warren cast her gaze at the junior senator seat for Massachusetts and beat Senator Scott Brown for the seat in 2012.
What you may not have known is that Senator Warren was once a professor of bankruptcy law and commercial law at Harvard University. In fact, she is recognized as one of the nation’s foremost bankruptcy law experts. Her valiant fight for many years contributed to the delayed passage of what ultimately became the 2005 amendments to the Bankruptcy Code known as BAPCPA. In the late 1990’s, then Professor Warren wrote an op-ed in the New York Times that candidly revealed how the bill working its way through Congress would decimate the average American’s ability to qualify for bankruptcy relief in favor of banks and credit card companies. The bill was on the verge of being signed into law by President Bill Clinton as one of his final legislative acts before leaving office. Elizabeth Warren took advantage of an opportunity to speak directly to First Lady, Hilary Clinton, over hamburgers and French fries about the worrisome provisions of the law that would hurt the average American citizen. Hilary Clinton returned to the White House and the bill was vetoed by President Clinton, delaying its passage for another six years when George W. Bush signed it in to law.
Elizabeth Warren has been a tireless advocate for the middle class and working families of America. I, for one, am glad she is on our side. If you are considering a filing for bankruptcy relief and wish to consult with a qualified bankruptcy attorney about the impact of BAPCPA on your options, please contact one of our locations nearest you in Alabama, Mississippi or Tennessee for a free, confidential consultation.