Protecting Homeowners in Bankruptcy Act of 2021

Bill: 117-hr-242
Sponsor: full_name: Rep. Dean, Madeleine [D-PA-4]
Introduced: 2021-01-11
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Housing finance and home ownership

Property tax
Latest action: action_date: 2021-03-04
text: Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Summaries:
action_date: 2021-01-11
action_desc: Introduced in House
text: <p><b>Protecting Homeowners in Bankruptcy Act of 2021</b></p> <p>This bill increases the homestead exemption an individual debtor can claim in a bankruptcy to $100,000. The homestead exemption allows a debtor to exempt from property of the estate the debtor's interest in property used as the debtor's residence or interest in a burial plot for the debtor.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 242 IN THE HOUSE OF REPRESENTATIVES January 11, 2021 Ms. Dean (for herself and Mr. Nadler ) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To amend title 11 of the United States Code to increase the amount of the allowable homestead exemption.

1. Short title This Act may be cited as the Protecting Homeowners in Bankruptcy Act of 2021 . 2. Increasing the homestead exemption Section 522 of title 11 of the United States code, is amended— (1) in subsection (d)(1) by striking $15,000 and inserting $100,000 ; and (2) by adding at the end the following: (r) Notwithstanding any other provision of applicable nonbankruptcy law, a debtor in any State may exempt from property of the estate the property described in subsection (d)(1) not to exceed the value in subsection (d)(1) if the exemption for such property permitted by applicable nonbankruptcy law is lower than that amount. . 3. 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 to cases commenced under title of the United States Code before the effective date of this Act.