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National Mortgage Professional
Jun 26, 2008

House passes the National Guard and Reservists Debt Relief ActMortgagePress.comHouse of Representatives, HR 4044, National Guard and Reservists Debt Relief Act, bankruptcy relief, Chapter 7 The U.S. House of Representatives has unanimously approved HR 4044, the National Guard and Reservists Debt Relief Act, which was introduced by U.S. Reps. Jan Schakowsky (D-IL) and Dana Rohrabacher (R-CA). The bi-partisan bill would allow Reservists and National Guard Members to file for bankruptcy relief without the burdens imposed by the current bankruptcy law. The bill now awaits consideration in the U.S. Senate before it can be sent to the President for his signature. "Today's passage brings us another step to closer to providing modest financial relief to Reservists and Guard Members who are struggling to make ends meet because of their service. This bill is a small token of our appreciation and gratitude for their service and sacrifice to our country," said Rep. Schakowsky. "I urge the Senate to pass the bill quickly so that we can get it to the president's desk for his signature. The sooner that we provide this benefit, the easier it will be for our service men and women to recover from the financial hardship they have had to endure while serving our country." The National Guard and Reservists Debt Relief Act would make it easier for soldiers to file for bankruptcy by eliminating the means tests for those serving for more than 90 days in Iraq and Afghanistan. This exemption currently exists for disabled veterans. The Bankruptcy Abuse Prevention and Consumer Act, which became law in 2005, made it more difficult for members of the National Guard and Reservists to file for Chapter 7 bankruptcy by placing tougher restrictions on the dismissal of debt. For a copy of HR 4044, the National Guard and Reservists Debt Relief Act, click here.
Jun 26, 2008
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