On August 23, 2019, the President signed into law four bipartisan, bicameral bills passed by Congress: the “Family Farmer Relief Act of 2019;” the “Honoring American Veterans in Extreme Need Act of 2019:” the “National Guard and Reservists Debt Relief Extension Act of 2019;” and the “Small Business Reorganization Act of 2019.” The “Family Farmer Relief Act of 2019” increases the debt limit used to determine whether a family farmer is eligible for relief under Chapter 12 of the Bankruptcy Code. The “Honoring American Veterans in Extreme Need Act of 2019” excludes certain benefits paid by the Department of Veterans Affairs and Department of Defense from the calculation of monthly income for the purposes of the Bankruptcy Code’s means test. The “National Guard and Reservists Debt Relief Extension Act of 2019” extends for four years, through December 18, 2023, the exemption from certain bankruptcy means-testing for members of the National Guard and reservists of the Armed Forces. The “Small Business Reorganization Act of 2019” establishes a sub chapter, within chapter 11, under which small business debtors can reorganize using more simplified and expedited procedures.
If you are thinking of filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.