September 23rd, 2008 by Reed Allmand 
National Guard and Reservists Debt Relief Act of 2008 is an Act to amend the Bankruptcy Abuse Prevention and Consumer Protection Act to exempt for a limited period, from the application of the means-test presumption of abuse under chapter 7, qualifying members of reserve components of the Armed Forces and members of the National Guard who, after September 11, 2001, are called to active duty or to perform a homeland defense activity for not less than 90 days.
It would exempt military reservists called to active duty and certain others from application of the means test in chapter 7 bankruptcy.
The Act would cover around 450,000 Guard members and reservists who have been deployed to Iraq and Afghanistan over the past six years. Between September 11, 2001 and November 30, 2007 some 450,000 Guard members and reservists have been deployed to Iraq and Afghanistan. Up to one-quarter of deployed Guard members may face financial problems when they return because of a fall in income levels while they are overseas. They can now skip the means test enacted under the Bankruptcy Abuse Prevention and Consumer Protection Act which made filing for bankruptcy a little tougher. It makes the path to debt relief a little easier for the deployed Guard members.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
