Honoring American Veterans in Extreme Need
On August 23, 2019, President Trump signed into law the “Honoring American Veterans in Extreme Need Act of 2019” which is commonly referred to as the HAVEN Act. This is a major win for disabled veterans facing financial difficulty.
Before this was signed into law, disabled veterans were faced with filing for chapter 13 bankruptcy due to failing the means test because of their disability payments. Now, those disability payments will not be included on the means test to calculate disposable income and are now afforded the same treatment as Social Security payments.
VA retirement and some other forms of benefits from the VA, however, are not exempted from the means test.
As always, please consult with an experienced bankruptcy attorney in your area to determine if you are eligible to file Chapter 7 bankruptcy in light of the changes passed in the HAVEN Act.
By: Tyler Sims
Tyler Sims is an experienced bankruptcy attorney proudly serving Waco, Killeen, Fort Worth and the surrounding areas with personalized debt-relief options often by filing bankruptcy under Chapter 7 and Chapter 13, contact Tyler today for assistance.