U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Lindsey Graham (R-SC) have expressed their satisfaction with the passage of the bipartisan National Guard and Reservists Debt Relief Extension Act. The legislation, which reauthorizes relief for qualifying members of the National Guard and Reserves experiencing financial hardship, has received the approval of both the House of Representatives and the Senate.
The National Guard and Reservists Debt Relief Extension Act of 2023 will extend the provisions of the National Guard and Reservists Debt Relief Act of 2008 for an additional four years. This act includes an exemption for qualifying members of the reserve components of the Armed Forces and the National Guard from certain provisions in the Bankruptcy Code. These provisions restrict access to Chapter 7 bankruptcy based on recent income.
Senator Durbin emphasized the importance of accurate assessment of a person's income and financial standing when considering bankruptcy. He stated, "Our National Guard members and reservists must not be penalized for any active duty pay should financial calamity force them to file for Chapter 7 bankruptcy." Durbin urged President Biden to promptly sign the bill into law.
Senator Graham, on the other hand, highlighted the bipartisan nature of the legislation, stating, "Providing relief for these service members who served their country while on active duty is an issue both sides can embrace."
The reauthorization of this legislation is significant in ensuring that National Guard members and reservists are not disadvantaged as a result of their service. Due to the higher pay they receive while on active duty compared to their civilian jobs, these individuals may face limitations in accessing financial relief in bankruptcy. The National Guard and Reservist Debt Relief Extension Act will prevent such limitations and ensure that these service members are not penalized for their dedication to their country.
The bill will now proceed to the President's desk for his signature. Once signed into law, it will provide much-needed relief and support for National Guard members and reservists facing financial hardship.
In conclusion, the passage of the National Guard and Reservists Debt Relief Extension Act is a positive step towards assisting those who have served their country. By extending relief for an additional four years, this legislation ensures that National Guard members and reservists are not burdened by financial difficulties resulting from their service.
Click this link to access more information: https://www.judiciary.senate.gov/press/releases/durbin-graham-applaud-passage-of-national-guard-and-reservists-debt-relief-extension-act
