Special Treatment For Special People in Bankruptcy

December 9, 2007 10:07 am Published by

It seems only right to allow for special accommodations for our soldiers and veterans.  In fact, our bankruptcy laws do just that, offering more lenient rules for both active-duty service members who have financial difficulties, and for veterans who are either low-income or who have serious medical conditions. Under the bankruptcy laws that have been in effect for the last year and a half, there is an income-based “means test”.  (People who earn more than their state’s median income will not have the choice of filing either Chapter 7 or Chapter 13 bankruptcy, only Chapter 13). 

The test is adjusted, however, for both active military people and needy vets, to allow them to have more income and still have the choice of filing a Chapter 7.

Seems like a small thing, but this adjustment can prove to be a big help to servicemen or women or to vets and their families.  Seems like the least we can do…

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This post was written by Mark Zuckerberg

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