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Disabled Veterans Exempted from Bankruptcy Means Test

Disabled Veterans may be exempt from the bankruptcy means testWritten by Craig D. Robins, Esq.

I just prepared a bankruptcy petition for a Long Island bankruptcy client today and I didn’t have to do the means test. The reason? A relatively new law that recently went into effect which excludes some disabled veterans from the means test requirement.

In order to qualify for this exemption from the bankruptcy means test requirement, you must be a disabled veteran and your debts must have been incurred primarily during active duty or homeland defense.

Keep in mind that you must still comply with all of the other bankruptcy requirements such as showing that you do not have sufficient income to make payment to your creditors.

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