President Trump Signs Into Law 4 Bankruptcy Bills

President Trump recently signed four bankruptcy bills into law, JD Supra reports. The Family Farmer Relief Act of 2019 (H.R. 2336) increases the debt limit used to establish whether a family farmer is eligible under Chapter 12 of the Bankruptcy Code from around $4.4 million to $10 million. The National Guard and Reservists Debt Relief Extension Act of 2019 (H.R. 3304) extends the current exemption from Chapter 7 “presumption of abuse” means testing for eligible reservists of the Armed Forces and members of the National Guard for an additional 4-year period, through Dec. 18, 2023. The Honoring American Veterans in Extreme Need Act of 2019 (H.R. 2938), also known as the HAVEN Act, excludes some VA and DoD disability payments from being included in the definition of “current monthly income” for bankruptcy means testing. The Small Business Reorganization Act of 2019 (H.R. 3311) adds a new subchapter V to Chapter 11 of the Bankruptcy Code. Read a more extensive overview of H.R. 3311, H.R. 2938 and H.R. 2336 in this article by Burr and Forman and read more about H.R. 2938 in this article by the National Law Review.

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