On Friday, August 23 President Trump signed four new Bankruptcy bills into law. Each bill had bipartisan support and the support of both the Senate and the House.
Below is a short summary of each of the bills:
The Small Business Reorganization Act of 2019: The new law expands the availability of Chapter 11 to small business and streamlines the process for smaller business debtors. Smaller businesses are defined as those with combined secured and unsecured debts not exceeding of not more than $2,725,625.
The HAVEN Act: Excludes from the calculation of monthly income certain benefits paid by the Department of Veterans Affairs and the Department of Defense for purposes of the means test used for determining if an individual is eligible for filing Chapter 7.
The National Guard and Reservist Debt Relief Extension Act of 2019: Extends the current protections until December 2023 for certain exemptions from means testing for bankruptcy filing purposes provided to qualifying members of the Reserve and National Guard.
The Family Farmer Relief Act of 2019: Is aimed at increasing the debt threshold for a "family farmer" from $4.4 Million to $10 Million.