[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2996 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2996

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 24, 2002

Mr. Kohl (for himself, Mr. Sessions, and Mrs. Feinstein) 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 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 
2002''.

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 new subsection:
    ``(n)(1) As a result of electing under subsection (b)(2)(A) to 
exempt property under State or local law, a debtor may not exempt any 
amount of interest that exceeds, in the aggregate, $125,000 in value 
in--
            ``(A) real or personal property that the debtor or a 
        dependent of the debtor uses as a residence;
            ``(B) a cooperative that owns property that the debtor or a 
        dependent of the debtor uses as a residence; or
            ``(C) a burial plot for the debtor or a dependent of the 
        debtor.
    ``(2) The limitation under paragraph (1) shall not apply to an 
exemption claimed under subsection (b)(3)(A) by a family farmer for the 
principal residence of that farmer.''.
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