legislation: 116-s-4991

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-s-4991 116 s 4991 Consumer Bankruptcy Reform Act of 2020 Finance and Financial Sector 2020-12-09 2020-12-09 Read twice and referred to the Committee on the Judiciary. Senate Sen. Warren, Elizabeth [D-MA] MA D W000817 2 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. 2023-01-11T13:43:49Z  

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