[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 769 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 769

   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, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                  May 9 (legislative day, May 1), 1995

   Mr. Kohl introduced the following bill; which was read twice and 
               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, and for other purposes.
    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 ``Bankruptcy Abuse Reform Act of 
1995''.

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 under State or local law, the debtor may not exempt an 
aggregate interest of more than $100,000 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.''.
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