[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3693 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3693

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 1998

   Mr. Barrett of Wisconsin introduced the following bill; which was 
               referred to the Committee on the Judiciary

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                                 A BILL


 
 To amend title 11, United States Code, to limit the value of certain 
  real and personal property that a 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 
1998''.

SEC. 2. LIMITATION.

    Section 522 of title 11, United States Code, is amended--
            (1) in subsection (b)(2)(A) by inserting ``subject to 
        subsection (n),'' before ``any property''; 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, a debtor may not exempt an interest 
that exceeds $100,000 in value, in the aggregate, in--
            ``(1) real or personal property that the debtor or a 
        dependent of the debtor uses as a residence;
            ``(2) a cooperative that owns property that the debtor or a 
        dependent of the debtor uses as a residence; or
            ``(3) 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 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 apply only with respect to cases commenced under title 11 of the 
United States Code on or after the date of the enactment of this Act.
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