S. 4991 · 116th Congress
Consumer Bankruptcy Reform Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarrenSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill generally revises consumer bankruptcy law by establishing a new Chapter 10 for individual debtors with not more than $7.5 million in debt.
What it does: CRS summary · Introduced in Senate · Dec 9, 2020
Consumer Bankruptcy Reform Act of 2020
This bill generally revises consumer bankruptcy law by establishing a new Chapter 10 for individual debtors with not more than $7.5 million in debt. The bill eliminates the ability of individual debtors to file for bankruptcy under Chapter 7 liquidation bankruptcy and repeals Chapter 13, which requires individual debtors to comply with a repayment plan to receive a discharge of debt.
Under Chapter 10, debtors may receive a discharge of debt through making minimum payment obligations based on the debtor's assets and income which may result in immediate discharge for individuals with no minimum payment obligation. The bill also provides for residential protections for debtors and revises what type of debt is dischargeable in bankruptcy. An individual may obtain a discharge under Chapter 10 once every six years.
Individuals may seek limited bankruptcy proceedings on certain debts, such as a home mortgage.
The bill also establishes consumer bankruptcy protections, including by creating a Consumer Bankruptcy Ombuds at the Consumer Financial Protection Bureau.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Consumer Bankruptcy Reform Act of 2020
Latest action (Dec 9, 2020): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 9, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.