Senate Bill 3977
119th Congress(2025-2026)
Bankruptcy Threshold Adjustment Act of 2026
Active
Passed Senate on Aug 3, 2026
Bill Intelligence
The bill aims to adjust the debt limits for small business and consumer bankruptcies, increasing the small business limit to $7,500,000 and the consumer limit to $2,750,000. This applies to cases initiated under title 11 of the United States Code after the bill's enactment. The changes would allow more small businesses and individuals with regular income to file for bankruptcy protection. If passed, this bill may provide financial relief to a wider range of small businesses and individuals facing bankruptcy.
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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
3977
Congress
119
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.
checkPassed on August 3, 2026
Status
Passed
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 without amendment by Unanimous Consent.
Summary
Unavailable
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08/03/2026
Passed Senate without amendment by Unanimous Consent.
08/03/2026
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
03/04/2026
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 347.
03/03/2026
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
03/03/2026
Introduced in Senate
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Public Record
Record Updated
Aug 4, 2026 10:58:34 AM