Bankruptcy Amendments of 1993

Summary: Bankruptcy Amendments of 1993 - Amends Federal bankruptcy law to raise to $1 million the ceiling on debts for eligibility to file as a chapter 13 debtor (bankrupt consumer repayment of debt under court supervision).  (Currently the ceiling is $100,000 for unsecured debts, or $350,000 for certain secured debts.)  Modifies the guidelines for:  (1) chapter 13 bankruptcies; (2) automatic stays; (3) exemptions; (4) discharges; and (5) preferences. 
Directs the Administrative Office of the United States Courts to compile and make available to the public statistical information regarding bankruptcy cases.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bankruptcy Amendments of 1993''.

SEC. 2. AMENDMENTS.

    (a) Who May Be a Debtor Under Chapter 13.--Section 109(e) of title 
11, United States Code, is amended--
            (1) by striking ``, unsecured debts of less than $100,000 
        and noncontingent, liquidated, secured debts of less than 
        $350,000'' and inserting ``debts of less than $1,000,000'', and
            (2) by striking ``, unsecured debts that aggregate less 
        than $100,000 and noncontingent, liquidated, secured debts of 
        less than $350,000'' and inserting ``debts of less than 
        $1,000,000''.
    (b) Automatic Stay.--The last sentence of section 362(e) of title 
11, United States Code, is amended--
            (1) by striking ``commenced'' and inserting ``concluded'', 
        and
            (2) by inserting before the period at the end the 
        following:
``unless the 30-day period is extended with the consent of the parties 
in interest or for a specific time that the court finds is required by 
compelling circumstances''.
    (c) Exemptions.--(1) Section 522(a) of title 11, United States 
Code, is amended--
            (A) in paragraph (1) by striking ``and'' at the end,
            (B) by redesignating paragraph (2) as paragraph (3), and
            (C) by inserting after paragraph (1) the following:
            ``(2) `household goods' means furnishings, appliances, 
        linens, china, cookery, kitchenware, and personal effects, but 
        does not include--
                    ``(A) works of art;
                    ``(B) electronic entertainment equipment other than 
                one television and one radio;
                    ``(C) jewelry (other than wedding and engagement 
                rings); and
                    ``(D) antiques purchased by the debtor; and''.
    (2) Section 522(d)(3) of title 11, United States Code, is amended--
            (A) by striking ``household furnishings,'', and
            (B) by striking ``appliances,''.
    (3) Section 522(f)(2) of title 11, United States Code, is amended--
            (A) by striking ``household furnishings,'', and
            (B) by striking ``appliances,''.
    (d) Exceptions to Discharge.--Section 523(a) of title 11, United 
States Code, is amended--
            (1) in paragraph (2)--
                    (A) by amending subparagraph (A) to read as 
                follows:
                    ``(A) actual fraud, use of a credit card or other 
                access device to a revolving line of credit without the 
                intent to repay, or false pretenses or false 
                representations made or published with reckless 
                disregard for their truth or accuracy;''
                    (B) in subparagraph (B)(iv) by striking ``intent to 
                deceive'' and inserting ``reckless disregard for its 
                truth or accuracy'', and
                    (C) in subparagraph (C)--
                            (i) by striking ``$500'' and inserting 
                        ``$100'', and
                            (ii) by striking ``forty days'' and 
                        inserting ``60 days'', and
            (2) by amending paragraph (6) to read as follows:
            ``(6) for injury to another entity or property of another 
        entity resulting from the debtor's reckless disregard of such 
        entity's right or property interests;''.
    (e) Effect of Discharge.--The third sentence of section 524(d) of 
title 11, United States Code, is amended in the matter preceding 
paragraph (1) by inserting ``and was not represented by an attorney 
during the course of negotiating such agreement'' after ``this 
section''.
    (f) Preferences.--Section 547(c)(3)(B) of title 11, United States 
Code, is amended by striking ``10'' and inserting ``20''.
    (g) Contents of Plan.--Section 1322(b)(2) of title 11, United 
States Code, is amended to read as follows:
            ``(2) modify the rights of the holders of secured claims, 
        but the plan may not modify a claim pursuant to section 506 of 
        a person holding a senior or a junior security interest in real 
        property that is the debtor's principal residence, except that 
        the plan may modify the claim of a person holding such a junior 
        security interest that was undersecured at the time the 
        interest attached to the extent that the interest remains 
        undersecured;''.
    (h) Contents of Plan.--(1) Section 1322(c) of title 11, United 
States Code, is amended to read as follows:
    ``(c) The plan may not provide for payments over a period that is 
longer than 5 years.''.
    (2) Section 1325(b)(1)(B) of title 11, United States Code, is 
amended by striking ``three-year'' and inserting ``5-year''.
    (3) Section 1329(c) of title 11, United States Code, is amended to 
read as follows:
    ``(c) A plan modified under this section may not provide for 
payments over a period that expires more than 5 years after the date 
that the first payment under the original confirmed plan was due.''.
    (i) Confirmation Hearing.--Section 1324 of title 11, United States 
Code, is amended--
            (1) by striking ``After'' and inserting ``(a) Except as 
        provided in subsection (b) and after'', and
            (2) by adding at the end the following:
    ``(b) If a creditor objects not later than 5 days after receiving 
notice of a hearing on confirmation of the plan, the hearing on 
confirmation of the plan may be held only after the expiration of the 
10-day period beginning on the date of the first meeting of creditors 
under section 341(a).''.
    (j) Payments.--Section 1326(c) of title 11, United States Code, is 
amended by inserting ``timely'' after ``payments''.

SEC. 3. ANNUAL COMPILATION OF STATISTICAL INFORMATION REGARDING 
              BANKRUPTCY CASES.

    Not later than June 30 of each year, the Administrative Office of 
the United States Courts shall compile and make available to the public 
statistical information with respect to cases in which a discharge is 
entered under title 11 of the United States Code in the preceding 
calendar year. Such information shall include--
            (1) the liabilities and value of assets of the debtors in 
        such cases as of the order for relief,
            (2) the monthly income and living expenses of such debtors, 
        as estimated by such debtors,
            (3) the aggregate amount of debts discharged, and the 
        aggregate payments made to creditors, as of the date of 
        discharge, and
            (4) the time elapsed between the filing of such cases and 
        the date of the first payment to a creditor under a plan 
        confirmed in such cases.

SEC. 4. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date.--Except as provided in subsection (b), this Act 
and the amendments made by this Act shall take effect on the date of 
the enactment of this Act.
    (b) Application of Amendments.--The amendments made by this Act 
shall not apply with respect to cases commenced under title 11 of the 
United States Code before the date of the enactment of this Act.