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HAVEN ACT Provides Military Veterans With Increased Income Protections In Bankruptcy

A new federal law— the Honoring American Veterans in Extreme Need Act of 2019 or the HAVEN Act— aims to address the latter hardship, providing disabled military veterans with greater protections in bankruptcy proceedings, according to a commentary in the National Law Review.

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President Signs HAVEN Act to Assist Veterans in Bankruptcy Matters

President Donald Trump on Aug. 23, 2019, signed the Honoring American Veterans in Extreme Need Act of 2019 (HAVEN Act) into law. The HAVEN Act was introduced in the U.S. House of Representatives by Lucy McBath (D-Ga.) and Greg Steube (R-Fla.) to exclude disability benefits paid by the U.S. Department of Veterans Affairs and the U.S. Department of Defense from the calculation of an individual debtor's disposable income used for bankruptcy means testing, according to a commentary on JDSupra.com.

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President Signs the Honoring American Veterans In Extreme Need (HAVEN) Act of 2019 Into Law

President Donald J. Trump today signed the “Honoring American Veterans in Extreme Need Act of 2019” (HAVEN Act; H.R. 2938) into law, according to an ABI press release. The bipartisan legislation, which ABI testified in support of in June, passed the House in late July and the Senate on August 1.

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Senate Passes Small Business Reorganization Act, HAVEN Act and Family Farmer Reorganization Act

The U.S. Senate today passed the Small Business Reorganization Act of 2019 (H.R. 3311), HAVEN Act (H.R. 2938) and Family Farmer Relief Act of 2019 (H.R. 2336) by a voice vote, according to an ABI press release. ABI testified in support of the three bills.

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Op-Ed: Why Does the Bankruptcy Code Discriminate Against Disabled Veterans?

When a person files for bankruptcy, it’s a sad day. Although the bankruptcy code was enacted to give a “fresh start to the honest but unfortunate debtor” and a single point of contact for creditors (and to keep our economy going), admitting that your debts are out of control is difficult. So why would Congress make it harder for disabled veterans who need bankruptcy protection?

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Defending Our Veterans: Excluding Veterans’ Benefits from Current Monthly Income

Part of the mission of ABI's newly formed Task Force for Veterans and Servicemembers Affairs is to “remediate and prevent adverse debt concerns and impacts on veterans and servicemembers to ensure that we financially strengthen those that strengthen us with the respect and dignity they deserve.” To that end, the Task Force has focused much of its initial attention on the Bankruptcy Code’s perplexing and inequitable treatment of veterans’ benefits in consumer bankruptcy cases.

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