Bankruptcy Threshold Adjustment and Technical Corrections Act

Bill: 117-s-3823
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2022-03-14 in the Senate
Policy area: Finance and Financial Sector
Subjects: Bankruptcy
Corporate finance and management
Inflation and prices
Small business

Summary:
action_date: 2022-03-14
text: 

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 makes permanent 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 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.)
action_date: 2022-04-07
text: 

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.)
action_date: 2022-06-07
text: 

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.)
action_date: 2022-06-21
text: 

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.)

Legislative actions:
action_date: 2022-06-21
text: Became Public Law No: 117-151.
action_date: 2022-06-21
text: Became Public Law No: 117-151.
action_date: 2022-06-21
text: Signed by President.
action_date: 2022-06-21
text: Signed by President.
action_date: 2022-06-09
text: Presented to President.
action_date: 2022-06-09
text: Presented to President.
action_date: 2022-06-07
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2022-06-07
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
action_date: 2022-06-07
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234).
action_date: 2022-06-07
text: Considered as unfinished business. (consideration: CR H5322-5323)
action_date: 2022-06-07
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2022-06-07
text: DEBATE - The House proceeded with forty minutes of debate on S. 3823.
action_date: 2022-06-07
text: Considered under suspension of the rules. (consideration: CR H5260-5262)
action_date: 2022-06-07
text: Mr. Neguse moved to suspend the rules and pass the bill.
action_date: 2022-04-11
text: Held at the desk.
action_date: 2022-04-11
text: Received in the House.
action_date: 2022-04-08
text: Message on Senate action sent to the House.
action_date: 2022-04-07
text: Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)
action_date: 2022-04-07
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)
action_date: 2022-04-07
text: Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)
action_date: 2022-04-07
text: Senate Committee on the Judiciary discharged by Unanimous Consent.
action_date: 2022-04-07
text: Senate Committee on the Judiciary discharged by Unanimous Consent.
action_date: 2022-03-14
text: Read twice and referred to the Committee on the Judiciary.
action_date: 2022-03-14
text: Introduced in Senate

Enacted as: number: 117-151