House Bill 7494
117th Congress(2021-2022)
Bankruptcy Threshold Adjustment and Technical Corrections Act
Introduced
Introduced
Introduced in House on Apr 11, 2022
Overview
Text
Sponsor
Introduced
Apr 11, 2022
Latest Action
Apr 11, 2022
Origin Chamber
House
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
7494
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
Colorado
Virginia
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
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 extends for two years 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 for two years 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 (1)
April 11, 2022
Actions (2)
04/11/2022
Referred to the House Committee on the Judiciary.
04/11/2022
Introduced in House
Public Record
Record Created
Apr 12, 2022 7:12:16 AM
Record Updated
Jun 8, 2022 9:15:38 PM