[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4493 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4493

   To amend title 11 of the United States Code to limit the value of 
certain real and personal property that the debtor may elect to exempt 
                       under State or local law.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 1994

   Mr. Mann 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 limit the value of 
certain real and personal property that the debtor may elect to exempt 
                       under State or local law.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Abolition of Bankruptcy Havens 
Amendments of 1994''.

SEC. 2. AMENDMENTS.

    Section 522 of title 11, United States Code, is amended--
            (1) in subsection (b)(2)(A) by inserting ``subject to 
        subsection (n),'' after ``(2)(A)'', and
            (2) by adding at the end the following:
    ``(n) As a result of electing under subsection (b)(2)(A) to exempt 
property that is exempt under State or local law, the debtor may not 
exempt an aggregate interest of more than $50,000 in value in real or 
personal property that the debtor or a dependent of the debtor uses as 
a residence, in a cooperative that owns property that the debtor or a 
dependent of the debtor uses as a residence, or in a burial plot for 
the debtor or a dependent of the debtor.''.

SEC. 3. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date.--Except as provided in subsection (b), this Act 
and the amendments made by section 2 shall take effect on January 1, 
1995.
    (b) Application of Amendments.--The amendments made by section 2 
shall not apply with respect to cases commenced under title 11 of the 
United States Code before the effective date of this Act.

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