Senate Bill 3823
117th Congress(2021-2022)
Bankruptcy Threshold Adjustment and Technical Corrections Act
Became Law
Amendments
Became Law
Became Public Law 117-151 on Jun 21, 2022
Overview
Text
Introduced
Mar 14, 2022
Latest Action
Jun 21, 2022
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3823
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Senate Votes (1)
House Votes (2)
Passed
April 7, 2022
Type
Unanimous Consent
Unanimous Consent
A senator may request unanimous consent on the floor to set aside a specified rule of procedure so as to expedite proceedings. If no Senator objects, the Senate permits the action, but if any one senator objects, the request is rejected. Unanimous consent requests with only immediate effects are routinely granted, but ones affecting the floor schedule, the conditions of considering a bill or other business, or the rights of other senators, are normally not offered, or a floor leader will object to it, until all senators concerned have had an opportunity to inform the leaders that they find it acceptable.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)
Summary

Bankruptcy Threshold Adjustment and Technical Corrections Act

This bill modifies provisions related to small business reorganization bankruptcies and wage earner's bankruptcies.

Specifically, the bill makes permanent the increase of the amount of debt allowed to be carried by debtors to qualify for small business reorganization bankruptcy and provides that this debt limit is subject to adjustment for inflation. Additionally, it provides that a small business debtor includes a debtor that is an affiliate of certain publicly traded companies. Further, it authorizes the bankruptcy trustee to operate the business of the debtor if the debtor ceases to be a debtor in possession.

The bill also increases the debt limit for individuals filing for bankruptcy under Chapter 13 (i.e., the wage earner's plan) and allows both secured and unsecured debt to count towards this single limit. (Currently, separate limits apply to secured and unsecured debt.)

Text (3)
Amendments (1)
Apr 07, 2022
Agreed to in Senate
4
Sponsorship
Senate Amendment 5025
In the nature of a substitute.
Agreed To
Actions (20)
06/21/2022
Became Public Law No: 117-151.
06/21/2022
Signed by President.
06/09/2022
Presented to President.
06/07/2022
Motion to reconsider laid on the table Agreed to without objection.
06/07/2022
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
06/07/2022
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234).
06/07/2022
Considered as unfinished business. (consideration: CR H5322-5323)
06/07/2022
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
06/07/2022
DEBATE - The House proceeded with forty minutes of debate on S. 3823.
06/07/2022
Considered under suspension of the rules. (consideration: CR H5260-5262)
06/07/2022
Mr. Neguse moved to suspend the rules and pass the bill.
04/11/2022
Held at the desk.
04/11/2022
Received in the House.
04/08/2022
Message on Senate action sent to the House.
04/07/2022
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)
04/07/2022
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)
04/07/2022
Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)
04/07/2022
Senate Committee on the Judiciary discharged by Unanimous Consent.
03/14/2022
Read twice and referred to the Committee on the Judiciary.
03/14/2022
Introduced in Senate
Public Record
Record Created
Mar 15, 2022 4:13:13 AM
Record Updated
Jun 22, 2022 11:43:42 AM