Legis Daily

Bankruptcy Threshold Adjustment and Technical Corrections Act

USA117th CongressS-3823| Senate 
| Updated: 6/21/2022
Chuck Grassley

Chuck Grassley

Republican Senator

Iowa

Cosponsors (3)
Richard J. Durbin (Democratic)Sheldon Whitehouse (Democratic)John Cornyn (Republican)

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bankruptcy Threshold Adjustment and Technical Corrections Act This bill modifies provisions related to small business reorganization bankruptcies and wage earner's bankruptcies. Specifically, the bill extends for two years the increase of the amount of debt allowed to be carried by debtors to qualify for small business reorganization bankruptcy and provides that this debt limit is subject to adjustment for inflation. Additionally, it provides that a small business debtor includes a debtor that is an affiliate of certain publicly traded companies. Further, it authorizes the bankruptcy trustee to operate the business of the debtor if the debtor ceases to be a debtor in possession. The bill also increases for two years the debt limit for individuals filing for bankruptcy under Chapter 13 (i.e., the wage earner's plan) and allows both secured and unsecured debt to count towards this single limit. (Currently, separate limits apply to secured and unsecured debt.)

Bill Text Versions

View Text
4 versions available

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Timeline
Mar 14, 2022
Introduced in Senate
Mar 14, 2022
Read twice and referred to the Committee on the Judiciary.
Apr 7, 2022
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)
Apr 7, 2022
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)
Apr 7, 2022
Senate Committee on the Judiciary discharged by Unanimous Consent.
Apr 7, 2022
Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)
Apr 8, 2022
Message on Senate action sent to the House.
Apr 11, 2022
Received in the House.
Apr 11, 2022
Held at the desk.
Jun 7, 2022
Mr. Neguse moved to suspend the rules and pass the bill.
Jun 7, 2022
Considered under suspension of the rules. (consideration: CR H5260-5262)
Jun 7, 2022
DEBATE - The House proceeded with forty minutes of debate on S. 3823.
Jun 7, 2022
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jun 7, 2022
Considered as unfinished business. (consideration: CR H5322-5323)
Jun 7, 2022
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
View Vote
Jun 7, 2022
Motion to reconsider laid on the table Agreed to without objection.
Jun 9, 2022
Presented to President.
Jun 21, 2022
Signed by President.
Jun 21, 2022
Became Public Law No: 117-151.
Nov 1, 2022

Latest Companion Bill Action

HR 117-7494
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • March 14, 2022
    Introduced in Senate


  • March 14, 2022
    Read twice and referred to the Committee on the Judiciary.


  • April 7, 2022
    Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)


  • April 7, 2022
    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)


  • April 7, 2022
    Senate Committee on the Judiciary discharged by Unanimous Consent.


  • April 7, 2022
    Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)


  • April 8, 2022
    Message on Senate action sent to the House.


  • April 11, 2022
    Received in the House.


  • April 11, 2022
    Held at the desk.


  • June 7, 2022
    Mr. Neguse moved to suspend the rules and pass the bill.


  • June 7, 2022
    Considered under suspension of the rules. (consideration: CR H5260-5262)


  • June 7, 2022
    DEBATE - The House proceeded with forty minutes of debate on S. 3823.


  • June 7, 2022
    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.


  • June 7, 2022
    Considered as unfinished business. (consideration: CR H5322-5323)


  • June 7, 2022
    On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
    View Vote


  • June 7, 2022
    Motion to reconsider laid on the table Agreed to without objection.


  • June 9, 2022
    Presented to President.


  • June 21, 2022
    Signed by President.


  • June 21, 2022
    Became Public Law No: 117-151.


  • November 1, 2022

    Latest Companion Bill Action

    HR 117-7494
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Finance and Financial Sector

Related Bills

  • HR 117-7494: Bankruptcy Threshold Adjustment and Technical Corrections Act
  • S 117-2679: Small Business Reorganization Technical Corrections Act
  • HR 117-5939: Small Business Reorganization Technical Corrections Act
BankruptcyCorporate finance and managementInflation and pricesSmall business

Bankruptcy Threshold Adjustment and Technical Corrections Act

USA117th CongressS-3823| Senate 
| Updated: 6/21/2022
Bankruptcy Threshold Adjustment and Technical Corrections Act This bill modifies provisions related to small business reorganization bankruptcies and wage earner's bankruptcies. Specifically, the bill extends for two years the increase of the amount of debt allowed to be carried by debtors to qualify for small business reorganization bankruptcy and provides that this debt limit is subject to adjustment for inflation. Additionally, it provides that a small business debtor includes a debtor that is an affiliate of certain publicly traded companies. Further, it authorizes the bankruptcy trustee to operate the business of the debtor if the debtor ceases to be a debtor in possession. The bill also increases for two years the debt limit for individuals filing for bankruptcy under Chapter 13 (i.e., the wage earner's plan) and allows both secured and unsecured debt to count towards this single limit. (Currently, separate limits apply to secured and unsecured debt.)

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 14, 2022
Introduced in Senate
Mar 14, 2022
Read twice and referred to the Committee on the Judiciary.
Apr 7, 2022
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)
Apr 7, 2022
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)
Apr 7, 2022
Senate Committee on the Judiciary discharged by Unanimous Consent.
Apr 7, 2022
Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)
Apr 8, 2022
Message on Senate action sent to the House.
Apr 11, 2022
Received in the House.
Apr 11, 2022
Held at the desk.
Jun 7, 2022
Mr. Neguse moved to suspend the rules and pass the bill.
Jun 7, 2022
Considered under suspension of the rules. (consideration: CR H5260-5262)
Jun 7, 2022
DEBATE - The House proceeded with forty minutes of debate on S. 3823.
Jun 7, 2022
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jun 7, 2022
Considered as unfinished business. (consideration: CR H5322-5323)
Jun 7, 2022
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
View Vote
Jun 7, 2022
Motion to reconsider laid on the table Agreed to without objection.
Jun 9, 2022
Presented to President.
Jun 21, 2022
Signed by President.
Jun 21, 2022
Became Public Law No: 117-151.
Nov 1, 2022

Latest Companion Bill Action

HR 117-7494
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • March 14, 2022
    Introduced in Senate


  • March 14, 2022
    Read twice and referred to the Committee on the Judiciary.


  • April 7, 2022
    Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2081)


  • April 7, 2022
    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2081)


  • April 7, 2022
    Senate Committee on the Judiciary discharged by Unanimous Consent.


  • April 7, 2022
    Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)


  • April 8, 2022
    Message on Senate action sent to the House.


  • April 11, 2022
    Received in the House.


  • April 11, 2022
    Held at the desk.


  • June 7, 2022
    Mr. Neguse moved to suspend the rules and pass the bill.


  • June 7, 2022
    Considered under suspension of the rules. (consideration: CR H5260-5262)


  • June 7, 2022
    DEBATE - The House proceeded with forty minutes of debate on S. 3823.


  • June 7, 2022
    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.


  • June 7, 2022
    Considered as unfinished business. (consideration: CR H5322-5323)


  • June 7, 2022
    On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 392 - 21 (Roll no. 234). (text: CR H5260-5261)
    View Vote


  • June 7, 2022
    Motion to reconsider laid on the table Agreed to without objection.


  • June 9, 2022
    Presented to President.


  • June 21, 2022
    Signed by President.


  • June 21, 2022
    Became Public Law No: 117-151.


  • November 1, 2022

    Latest Companion Bill Action

    HR 117-7494
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Chuck Grassley

Chuck Grassley

Republican Senator

Iowa

Cosponsors (3)
Richard J. Durbin (Democratic)Sheldon Whitehouse (Democratic)John Cornyn (Republican)

Judiciary Committee

Finance and Financial Sector

Related Bills

  • HR 117-7494: Bankruptcy Threshold Adjustment and Technical Corrections Act
  • S 117-2679: Small Business Reorganization Technical Corrections Act
  • HR 117-5939: Small Business Reorganization Technical Corrections Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
BankruptcyCorporate finance and managementInflation and pricesSmall business