3.0.0 4991 2023-01-11T13:43:49Z 2023-01-11T13:43:49Z Senate S 2020-12-09 116 ssju00 Judiciary Committee Senate Standing Referred to 2020-12-09T22:45:53Z Consumer Bankruptcy Reform Act of 2020 116 8902 HR 2020-12-08 Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS 2020-12-09 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2020-12-09 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2020-12-09 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2020-12-09 True Finance and Financial Sector Finance and Financial Sector 00 2020-12-09 Introduced in Senate 2021-03-10T16:32:56Z 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.

]]> Consumer Bankruptcy Reform Act of 2020 Display Title Consumer Bankruptcy Reform Act of 2020 Short Title(s) as Introduced Consumer Bankruptcy Reform Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to amend title 11, United States Code, to add a bankruptcy chapter relating to the debt of individuals, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-12-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4991is/xml/BILLS-116s4991is.xml 2020-12-09 Read twice and referred to the Committee on the Judiciary. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.