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Text of Bankruptcy Amendments of 1993

This bill was introduced on May 27, 1993, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 27, 1993 (Introduced).

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HR 2326 IH

103d CONGRESS

1st Session

H. R. 2326

To amend title 11 of the United States Code with respect to cases under chapter 13, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

May 27, 1993

Mr. SYNAR (for himself, Mr. BOUCHER, Mr. KOPETSKI, Mr. HYDE, Mr. BACCHUS of Florida, Mr. KANJORSKI, Mr. POMEROY, Mr. MCCURDY, Mr. BURTON of Indiana, Mr. ROTH, Mr. SCHIFF, Mr. RAMSTAD, Mr. SANGMEISTER, Mr. GOODLATTE, Mr. HAYES, Mr. ROEMER, and Mr. FRANK of Massachusetts) introduced the following bill; which was referred to the Committee on the Judiciary


A BILL

To amend title 11 of the United States Code with respect to cases under chapter 13, 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 Amendments of 1993’.

SEC. 2. AMENDMENTS.

    (a) WHO MAY BE A DEBTOR UNDER CHAPTER 13- Section 109(e) of title 11, United States Code, is amended--

      (1) by striking ‘, unsecured debts of less than $100,000 and noncontingent, liquidated, secured debts of less than $350,000’ and inserting ‘debts of less than $1,000,000’, and

      (2) by striking ‘, unsecured debts that aggregate less than $100,000 and noncontingent, liquidated, secured debts of less than $350,000’ and inserting ‘debts of less than $1,000,000’.

    (b) AUTOMATIC STAY- The last sentence of section 362(e) of title 11, United States Code, is amended--

      (1) by striking ‘commenced’ and inserting ‘concluded’, and

      (2) by inserting before the period at the end the following:

    ‘unless the 30-day period is extended with the consent of the parties in interest or for a specific time that the court finds is required by compelling circumstances’.

    (c) EXEMPTIONS- (1) Section 522(a) of title 11, United States Code, is amended--

      (A) in paragraph (1) by striking ‘and’ at the end,

      (B) by redesignating paragraph (2) as paragraph (3), and

      (C) by inserting after paragraph (1) the following:

      ‘(2) ‘household goods’ means furnishings, appliances, linens, china, cookery, kitchenware, and personal effects, but does not include--

        ‘(A) works of art;

        ‘(B) electronic entertainment equipment other than one television and one radio;

        ‘(C) jewelry (other than wedding and engagement rings); and

        ‘(D) antiques purchased by the debtor; and’.

    (2) Section 522(d)(3) of title 11, United States Code, is amended--

      (A) by striking ‘household furnishings,’, and

      (B) by striking ‘appliances,’.

    (3) Section 522(f)(2) of title 11, United States Code, is amended--

      (A) by striking ‘household furnishings,’, and

      (B) by striking ‘appliances,’.

    (d) EXCEPTIONS TO DISCHARGE- Section 523(a) of title 11, United States Code, is amended--

      (1) in paragraph (2)--

        (A) by amending subparagraph (A) to read as follows:

        ‘(A) actual fraud, use of a credit card or other access device to a revolving line of credit without the intent to repay, or false pretenses or false representations made or published with reckless disregard for their truth or accuracy;’

        (B) in subparagraph (B)(iv) by striking ‘intent to deceive’ and inserting ‘reckless disregard for its truth or accuracy’, and

        (C) in subparagraph (C)--

          (i) by striking ‘$500’ and inserting ‘$100’, and

          (ii) by striking ‘forty days’ and inserting ‘60 days’, and

      (2) by amending paragraph (6) to read as follows:

      ‘(6) for injury to another entity or property of another entity resulting from the debtor’s reckless disregard of such entity’s right or property interests;’.

    (e) EFFECT OF DISCHARGE- The third sentence of section 524(d) of title 11, United States Code, is amended in the matter preceding paragraph (1) by inserting ‘and was not represented by an attorney during the course of negotiating such agreement’ after ‘this section’.

    (f) PREFERENCES- Section 547(c)(3)(B) of title 11, United States Code, is amended by striking ‘10’ and inserting ‘20’.

    (g) CONTENTS OF PLAN- Section 1322(b)(2) of title 11, United States Code, is amended to read as follows:

      ‘(2) modify the rights of the holders of secured claims, but the plan may not modify a claim pursuant to section 506 of a person holding a senior or a junior security interest in real property that is the debtor’s principal residence, except that the plan may modify the claim of a person holding such a junior security interest that was undersecured at the time the interest attached to the extent that the interest remains undersecured;’.

    (h) CONTENTS OF PLAN- (1) Section 1322(c) of title 11, United States Code, is amended to read as follows:

    ‘(c) The plan may not provide for payments over a period that is longer than 5 years.’.

    (2) Section 1325(b)(1)(B) of title 11, United States Code, is amended by striking ‘three-year’ and inserting ‘5-year’.

    (3) Section 1329(c) of title 11, United States Code, is amended to read as follows:

    ‘(c) A plan modified under this section may not provide for payments over a period that expires more than 5 years after the date that the first payment under the original confirmed plan was due.’.

    (i) CONFIRMATION HEARING- Section 1324 of title 11, United States Code, is amended--

      (1) by striking ‘After’ and inserting ‘(a) Except as provided in subsection (b) and after’, and

      (2) by adding at the end the following:

    ‘(b) If a creditor objects not later than 5 days after receiving notice of a hearing on confirmation of the plan, the hearing on confirmation of the plan may be held only after the expiration of the 10-day period beginning on the date of the first meeting of creditors under section 341(a).’.

    (j) PAYMENTS- Section 1326(c) of title 11, United States Code, is amended by inserting ‘timely’ after ‘payments’.

SEC. 3. ANNUAL COMPILATION OF STATISTICAL INFORMATION REGARDING BANKRUPTCY CASES.

    Not later than June 30 of each year, the Administrative Office of the United States Courts shall compile and make available to the public statistical information with respect to cases in which a discharge is entered under title 11 of the United States Code in the preceding calendar year. Such information shall include--

      (1) the liabilities and value of assets of the debtors in such cases as of the order for relief,

      (2) the monthly income and living expenses of such debtors, as estimated by such debtors,

      (3) the aggregate amount of debts discharged, and the aggregate payments made to creditors, as of the date of discharge, and

      (4) the time elapsed between the filing of such cases and the date of the first payment to a creditor under a plan confirmed in such cases.

SEC. 4. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) EFFECTIVE DATE- Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act.

    (b) APPLICATION OF AMENDMENTS- The amendments made by this Act shall not apply with respect to cases commenced under title 11 of the United States Code before the date of the enactment of this Act.