Four bipartisan debt-relief bills cosponsored by U.S. Sen. Thom Tillis (R-NC) became law on Aug. 26 after the president signed them last week.
“I’m proud to have these four bipartisan bills signed into law giving our small businesses, family farmers, national guard and reservists, and veterans the economic relief they need when falling on hard times,” Sen. Tillis said on Aug. 23.
The newly signed bills are:
The Honoring American Veterans in Extreme Need (HAVEN) Act, H.R. 2938, which excludes federal disability payments made to U.S. military veterans or their dependent survivors from the monthly income calculation used for bankruptcy means tests. Sen. Tillis in March cosponsored the same-named Senate version, S. 679, with bill sponsor U.S. Sen. Tammy Baldwin (D-WI).
The Family Farmer Relief Act of 2019, H.R. 2336, which increases the Chapter 12 operating debt cap to $10 million, allows more family farmers to seek relief under the U.S. Bankruptcy Code. Sen. Tillis on March 27 introduced the same-named Senate bill, S. 897 with bill sponsor U.S. Sen. Chuck Grassley (R-IA), U.S. Sen. Amy Klobuchar (D-MN), and other cosponsors.
The Small Business Reorganization Act of 2019, H.R. 3311, which streamlines existing Chapter 11 bankruptcy procedures to help small businesses restructure. Sens. Tillis and Grassley in April unveiled the same-named S. 1091 in the Senate with U.S. Sen. Sheldon Whitehouse (D-RI).
The National Guard and Reservists Debt Relief Extension Act of 2019, H.R. 3304, reauthorizes for four more years a temporary exception for members of the National Guard and Reserves under the National Guard and Reservists Debt Relief Act of 2008 who serve on active duty or in a homeland defense activity for at least 90 days. Without this legislation, the individuals who file for bankruptcy would be evaluated based on their current income in addition to previous active duty pay, placing them in a higher pay bracket than they can afford with their post-active duty income. Sen. Tillis in July cosponsored the companion bill S. 2128 with U.S. Sen. Dianne Feinstein (D-CA).
“I want to thank President Trump for signing my bills into law and I look forward to working with the president and my colleagues to deliver more results for North Carolinians,” said Sen. Tillis.