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Summary of Amendments Submitted to the Rules Committee on H.R. 333,
Bankruptcy Abuse Prevention and Consumer Protection Act of 2001

 

(in alphabetical order)

February 27, 2001 (6:00 p.m.)

Bachus #16 Clarifies that the non-discharge provision for fraud claims only applies to claims of the U.S. government. WITHDRAWN

Conyers/Nadler/Scott/Watt(NC)/Jackson-Lee/Waters/Baldwin/LaFalce/Tierney #20 Democratic Substitute. Makes a number of technical improvements to the bill and modifies some of the most onerous provisions on lower income debtors and struggling businesses.

Conyers/Slaughter #21 Specifies that certain provisions made in the underlying bill may be waived if they would impair the debtor's ability to pay alimony or child support payments; provides that the court may waive sections in the bill which allow landlords to circumvent the automatic stay to evict a debtor if the debtor is a victim of domestic violence whose physical well-being would be threatened by such eviction; and provides for a GAO study of the bill's impact on the collection of alimony and child support payments.

Delahunt #1 Increases the federal cap from $100,000 to $250,000 on the amount of an interest in real or personal property used as a principal residence that a debtor (other than a family farmer) may exempt in bankruptcy under the "homestead exemption;" strikes the language which permits a debtor to retain an interest in excess of the cap where such interest was acquired by the debtor prior to the 2-year period preceding the filing of the bankruptcy petition; and strikes the provision which permits a debtor to retain an interest in a principal residence in excess of the cap if such interest was transferred from a previous principal residence which is located within the same state and was acquired prior to the 2-year period preceding the filing of bankruptcy.

Delahunt #2 Amends the provision which permits a debtor to retain an interest in excess of the $100,000 federal cap where such interest was acquired by the debtor prior to the 2-year period preceding the filing of the bankruptcy petition, to the 3-year period preceding the filing of the bankruptcy petition.

Green (WI) #10 Removes the names of children from bankruptcy filings in order to protect their identity from those who prey on children.

Hefley #24 Indexes deposit insurance coverage to inflation every three years, as well as retroactively indexing back to 1980, thus raising the deposit insurance ceiling to approximately $200,000. LATE

Jackson-Lee #3 Includes disaster relief as part of allowable deductions within means-testing.

Jackson-Lee #4 Replaces the means-testing standard in the bill with a means test that more accurately reflects current law.

Jackson-Lee #5 Strikes Section 1310 of the bill.

Jackson-Lee #6 Prohibits abusive extensions of credit to underage consumers.

Jackson-Lee #7 Ensures that business debtors are treated as favorably as non-business debtors within the framework of the means-testing standard in the bill and expands the means-test to apply to business debts.

Jackson-Lee #8 Provides for an exception from limitations on "cramdowns" for domestic support obligations.

Jackson-Lee #9 Adds a debtor's monthly public school expenses as an allowable expense under the means test and puts public school expenses on an equal footing with that of private school expenses which is already included in the bill.

LaFalce/Nadler/Jackson-Lee #18 Replaces several provisions of Title XIII and adds other important consumer protections to Title XIII.

Markey #13 Strengthens the privacy protections afforded to electronic bankruptcy records by assuring that personal and financial information divulged in connection with a bankruptcy proceeding should only be disclosed to individuals or entities that have legitimate interests in the case.

Nadler/Morella/Greenwood/Johnson(CT)/Slaughter #22 Clarifies that debts arising from judgments, orders, consent orders, or decrees entered in any Federal or State court or contained in any settlement agreement entered into by the debtor, including damages, fines, penalties, citations, or attorneys' fees or costs owed by the debtor in such cases could not be discharged in bankruptcy.

Oxley/LaFalce #11 Amends Title IX of the bill to reflect changes made by passage of the Commodity Futures Modernization Act and updates the definitions of certain financial terms to reflect current and developing market practices and makes other necessary technical corrections.

Pascrell/LaTourette #23 Amends the Truth in Lending Act to require credit card issuers to mail monthly statements at least 30 days before the due date of the next payment; include a prominent announcement on the first page of each statement as to what late fee will be charged if payment is not received by a certain date; and maintain a record of the date each statement was mailed and each payment was received and make these records available to the customer if requested. LATE

Sensenbrenner #17 Manager's Amendment. Makes technical and conforming changes.

Smith (MI) #14 Increases the Chapter 12 current aggregate debt limit from $1,500,000 to $2,225,000.

Tierney #15 Allows the bankruptcy court the flexibility to, on a case-by-case basis, provide an allowance for reasonable medical expenses.

Waters #12 Maintains current law exemptions from automatic stay to three groups of debtors: individuals over 64 years of age on fixed income; single parents with minor children on fixed income; and victims of domestic violence.

Wynn #19 Adds a provision to the Truth in Lending Act to require creditors in periodic statements to disclose the sum necessary to pay the finance charges and 3% of the principal.

 

* Summaries derived from information submitted by the amendment sponsors.