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Bill Sponsor
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Bills
Senate Bill 473
117th Congress(2021-2022)
COVID–19 Bankruptcy Relief Extension Act of 2021
Introduced
Introduced
Introduced in Senate on Feb 25, 2021
Overview
Text
Introduced
Feb 25, 2021
Latest Action
Feb 25, 2021
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
473
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
Democrat
Dick Durbin
Illinois
Republican
Chuck Grassley
Iowa
Independent
Angus King
Maine
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

COVID-19 Bankruptcy Relief Extension Act of 2021

This bill extends existing provisions that provide relief to debtors in bankruptcy, including those related to the COVID-19 (i.e., coronavirus disease 2019) pandemic.

These provisions (1) exclude certain COVID-19 aid payments from income for the purposes of bankruptcy, and (2) increase the debt eligibility threshold for businesses qualifying for certain types of Chapter 11 reorganization bankruptcy. Currently, these provisions expire March 27, 2021. The bill extends these provisions for one year.

The bill also allows for modification of a Chapter 13 repayment plan for plans confirmed before the date of enactment of this bill if the debtor is experiencing material financial hardship due to COVID-19. Currently, such a modification is only available for plans confirmed before March 27, 2020.

In addition, the bill extends through March 27, 2022, other bankruptcy protections that currently expire December 27, 2021. These provisions include those that (1) provide for discharge of certain debts, (2) prohibit denying a party COVID-related mortgage or eviction relief due to a party being a debtor in bankruptcy, and (3) protect against termination of utility services in certain circumstances.

Text (1)
Introduced in Senate
February 25, 2021
Related Bills (1)
Mar 27, 2021
Became Public Law 117-5
3
Sponsorship
House Bill 1651
COVID-19 Bankruptcy Relief Extension Act of 2021
Became Law
Amendments
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (2)
02/25/2021
Read twice and referred to the Committee on the Judiciary. (text: CR S900)
02/25/2021
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:30 PM
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