Bill — S. 3823, Bankruptcy Threshold Adjustment and Technical Corrections Act
Summary
S. 3823, the Bankruptcy Threshold Adjustment and Technical Corrections Act, is a bill introduced in the Senate on March 14, 2022 by Mr. Grassley and referred to the Committee on the Judiciary. Its stated purpose is to amend title 11, United States Code, to modify the eligibility requirements for a debtor under chapter 13. Section 2 is headed Bankruptcy Amendments. Subsection (a) amends section 1113(a) of the CARES Act (Public Law 116–136) by striking paragraph (5). Subsection (b), on the definition of small business debtor, amends section 101(51D)(B)(iii) of title 11, and subsection (c) is headed Adjustments for Inflation.
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Cite this document
“Bill — S. 3823, Bankruptcy Threshold Adjustment and Technical Corrections Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s3823is-bills-117s3823is/
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II
117TH CONGRESS
2D SESSION
S. 3823
To amend title 11, United States Code, to modify the eligibility requirements
for a debtor under chapter 13, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 14, 2022
Mr. GRASSLEY (for himself, Mr. DURBIN, Mr. WHITEHOUSE, and Mr. COR-
NYN) introduced the following bill; which was read twice and referred to
the Committee on the Judiciary
A BILL
To amend title 11, United States Code, to modify the eligi-
bility requirements for a debtor under chapter 13, and
for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Bankruptcy Threshold
5 Adjustment and Technical Corrections Act’’.
6 SEC. 2. BANKRUPTCY AMENDMENTS.
7 (a) CARES ACT AMENDMENT.—Section 1113(a) of
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8 the CARES Act (Public Law 116–136; 134 Stat. 310) is
9 amended by striking paragraph (5).
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1 (b) DEFINITION OF SMALL BUSINESS DEBTOR.—
2 Section 101(51D)(B)(iii) of title 11, United States Code,
3 is amended by striking ‘‘an issuer’’ and all that follows
4 and inserting ‘‘a corporation described in clause (ii).’’.
5 (c) ADJUSTMENTS FOR INFLATION.—
6 (1) IN GENERAL.—Section 104 of title 11,
7 United States Code, is amended—
8 (A) in subsection (a), by inserting
9 ‘‘1182(1),’’ after ‘‘707(b),’’; and
10 (B) in subsection (b), by inserting
11 ‘‘1182(1),’’ after ‘‘707(b),’’.
12 (2) NO ADJUSTMENTS IN 2022.—With respect
13 to the adjustment of dollar amounts required on
14 April 1, 2022, under section 104 of title 11, United
15 States Code, as amended by paragraph (1), the Ju-
16 dicial Conference of the United States shall not ad-
17 just the dollar amount in effect under section 109(e)
18 or 1182(1) of title 11, United States Code.
19 (d) WHO MAY BE A DEBTOR UNDER CHAPTER 13.—
20 Section 109 of title 11, United States Code is amended
21 by striking subsection (e) and inserting the following:
22 ‘‘(e) Only an individual with regular income that
23 owes, on the date of the filing of the petition, noncontin-
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24 gent, liquidated debts of less than $2,750,000 or an indi-
25 vidual with regular income and such individual’s spouse,
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1 except a stockbroker or a commodity broker, that owe, on
2 the date of the filing of the petition, noncontingent, liq-
3 uidated debts that aggregate less than $2,750,000 may
4 be a debtor under chapter 13 of this title.’’.
5 (e) DEFINITION OF DEBTOR.—Section 1182(1)(B) of
6 title 11, United States Code, is amended—
7 (1) in clause (i), by inserting ‘‘under this title’’
8 after ‘‘affiliated debtors’’; and
9 (2) in clause (iii), by striking ‘‘an issuer’’ and
10 all that follows and inserting ‘‘a corporation de-
11 scribed in clause (ii).’’.
12 (f) TRUSTEE.—Section 1183(b)(5) of title 11, United
13 States Code, is amended—
14 (1) by striking ‘‘possession, perform’’ and in-
15 serting ‘‘possession—
16 ‘‘(A) perform’’;
17 (2) in subparagraph (A), as so designated—
18 (A) by striking ‘‘, including operating the
19 business of the debtor’’; and
20 (B) by adding ‘‘and’’ at the end; and
21 (3) by adding at the end the following:
22 ‘‘(B) be authorized to operate the business
23 of the debtor;’’.
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1 (g) CONFIRMATION OF PLAN.—Section 1191(c) of
2 title 11, United States Code, is amended by striking para-
3 graph (3) and inserting the following:
4 ‘‘(3)(A) The debtor will be able to make all pay-
5 ments under the plan; or
6 ‘‘(B)(i) there is a reasonable likelihood that the
7 debtor will be able to make all payments under the
8 plan; and
9 ‘‘(ii) the plan provides appropriate remedies,
10 which may include the liquidation of nonexempt as-
11 sets, to protect the holders of claims or interests in
12 the event that the payments are not made.’’.
13 (h) TECHNICAL CORRECTIONS TO THE BANKRUPTCY
14 ADMINISTRATION IMPROVEMENT ACT.—Section 589a of
15 title 28, United States Code is amended—
16 (1) in subsection (c) by striking ‘‘subsection
17 (a)’’ and inserting ‘‘subsections (a) and (f)’’; and
18 (2) in subsection (f)(1)—
19 (A) in the matter preceding subparagraph
20 (A), by striking ‘‘subsections (b) and (c)’’ and
21 inserting ‘‘subsection (b)(5)’’; and
22 (B) in subparagraph (A), by inserting
23 ‘‘needed to offset the amount’’ after
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24 ‘‘amounts’’.
Æ
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