North Charlotte Today

Bipartisan legislation co-sponsored by Senator Thom Tillis to provide financial relief for members of the National Guard and Reserves facing financial hardship will soon be signed into law. The National Guard and Reservists Debt Relief Extension Act, which reauthorizes an additional four years of relief, will protect a long-standing bipartisan carveout from means-testing restrictions in Chapter 7 bankruptcy cases.

The legislation aims to support the men and women who serve in the National Guard and Reserves, recognizing the invaluable service they provide to the nation. Senator Tillis expressed his pride in the bipartisan nature of the legislation, stating, "I am proud this bipartisan legislation will be signed into law so we can ensure protections for members if they fall on financial hardship."

The National Guard and Reservists Debt Relief Extension Act of 2023 will reauthorize the National Guard and Reservists Debt Relief Act of 2008. This act includes a clause that exempts qualifying members of reserve components of the Armed Forces and the National Guard from provisions in the Bankruptcy Code, which restrict access to Chapter 7 bankruptcy based on recent income.

One of the main challenges faced by National Guard members and reservists is the disparity in income between their civilian jobs and their pay while on active duty. This income difference could prevent them from receiving financial relief in bankruptcy cases. However, the National Guard and Reservist Debt Relief Extension Act ensures that they are not penalized for their service.

The legislation recognizes the sacrifices made by these individuals and seeks to provide them with the necessary support during times of financial hardship. By reauthorizing the debt relief provisions, the government is acknowledging the unique circumstances faced by National Guard members and reservists and striving to alleviate their financial burdens.

The signing of this legislation into law highlights the commitment of lawmakers to support those who serve in the National Guard and Reserves. It demonstrates the bipartisan recognition of the importance of protecting these individuals from undue financial strain and ensuring that they have access to the necessary relief if they find themselves in difficult financial circumstances.

The National Guard and Reservists Debt Relief Extension Act is a significant step towards honoring the commitment and dedication of National Guard members and reservists. It underscores the government's commitment to providing adequate financial support and protection for those who serve in the Armed Forces.

In conclusion, the upcoming signing of the National Guard and Reservists Debt Relief Extension Act into law is a positive development for members of the National Guard and Reserves. This legislation recognizes the sacrifices made by these individuals and ensures that they are not burdened by financial hardship as a result of their service.

Click this link to access more information: https://www.tillis.senate.gov/2023/12/tillis-legislation-to-provide-financial-relief-for-members-of-national-guard-and-reserves-to-be-signed-into-law