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Public Law117th CongressFinance and Financial Sector
S. 3823Became Law

Bankruptcy Threshold Adjustment and Technical Corrections Act

This bill became law

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What it doesSummary public law (Jun 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.)

What just happenedJun 21, 2022

Became Public Law No: 117-151.

Who’s behind it

Sen. Grassley, Chuck [R-IA](R-IA)Sponsor
3 cosponsors2 D1 R
Read on Congress.gov
3cosponsors1committees24actions1amendments3related bills4subjects
  1. Jun 21, 2022President

    Became Public Law No: 117-151.

  2. Jun 21, 2022BecameLaw36000

    Became Public Law No: 117-151.

  3. Jun 21, 2022President

    Signed by President.

  4. Jun 21, 2022BecameLaw36000

    Signed by President.

  5. Jun 9, 2022Floor

    Presented to President.

  6. Jun 9, 2022President28000

    Presented to President.

  7. Jun 7, 2022FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  8. Jun 7, 2022FloorH37300

    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)

  9. Jun 7, 2022Floor8000

    Passed/agreed to in House: 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).

  10. Jun 7, 2022FloorH30000

    Considered as unfinished business. (consideration: CR H5322-5323)

  11. Jun 7, 2022FloorH37220

    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.

  12. Jun 7, 2022FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on S. 3823.

  13. Jun 7, 2022FloorH30000

    Considered under suspension of the rules. (consideration: CR H5260-5262)

  14. Jun 7, 2022FloorH30300

    Mr. Neguse moved to suspend the rules and pass the bill.

  15. Apr 11, 2022FloorH15000

    Held at the desk.

  16. Apr 11, 2022FloorH14000

    Received in the House.

  17. Apr 8, 2022Floor

    Message on Senate action sent to the House.

  18. Apr 7, 2022Floor

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

  19. Apr 7, 2022Floor17000

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

  20. Apr 7, 2022Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S2081-2082)

  21. Apr 7, 2022Discharge

    Senate Committee on the Judiciary discharged by Unanimous Consent.

    Judiciary Committee
  22. Apr 7, 2022Committee14500

    Senate Committee on the Judiciary discharged by Unanimous Consent.

    Judiciary Committee
  23. Mar 14, 2022IntroReferral

    Read twice and referred to the Committee on the Judiciary.

    Judiciary Committee
  24. Mar 14, 2022IntroReferral10000

    Introduced in Senate

Public LawJun 21, 202249

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.)

Passed HouseJun 7, 202253

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.)

Passed SenateApr 7, 202255

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.)

Introduced in SenateMar 14, 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 makes permanent 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 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.)

Bankruptcy Threshold Adjustment and Technical Corrections Act — Informed