BREAKING NEWS FROM WASHINGTON Today the President signed into law four bipartisan, bicameral bills passed by Congress:H.R. 2336, the “Family Farmer Relief Act of 2019,” which increases the debt limit used to determine whether a family farmer is eligible for relief under chapter 12 of the Bankruptcy Code;
H.R. 2938, the “Honoring American Veterans in Extreme Need Act of 2019” (HAVEN Act) which excludes from the calculation of monthly income, for purposes of the Bankruptcy Code’s means test, certain benefits paid by the Department of Veterans Affairs and the Department of Defense;
H.R. 3304, the “National Guard and Reservists Debt Relief Extension Act of 2019,” which extends for 4 years, through December 18, 2023, the exemption from certain bankruptcy means-testing for members of the National Guard and reservists of the Armed Forces;
and
H.R. 3311, the “Small Business Reorganization Act of 2019,” which establishes a subchapter within chapter 11 of the Bankruptcy Code under which small business debtors can reorganize using more simplified and expedited procedures.