Today, Congressman Sires joined his colleagues in the House of Representatives in passing H.R. 2192, the National Guard and Reservist Debt Relief Extension Act, by a vote of 407 to 1. This bill would extend bankruptcy relief to members of the National Guard and Reserve until 2016.
"Reservists and National Guard members can be called for duty at any time, and this uncertainty can cause financial strain on the member and his or her family. This legislation would help members, who have bravely served their country, in obtaining bankruptcy protection should they need it," said Congressman Sires.
Under H.R. 2192, members of the National Guard and Reserve that are called to active duty or to perform a homeland defense activity for at least 90 days would be eligible for an exemption of a means-test presumption under chapter 7 of the Bankruptcy Code. This current exemption is set to expire at the end of 2011. This legislation would extend the exemption until 2016.
The National Guard and Reservist Debt Relief Extension Act currently awaits consideration by the Senate.