H.R. 4493 (103rd): Abolition of Bankruptcy Havens Amendments of 1994

103rd Congress, 1993–1994. Text as of May 25, 1994 (Introduced).

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HR 4493 IH

103d CONGRESS

2d Session

H. R. 4493

To amend title 11 of the United States Code to limit the value of certain real and personal property that the debtor may elect to exempt under State or local law.

IN THE HOUSE OF REPRESENTATIVES

May 25, 1994

Mr. MANN introduced the following bill; which was referred to the Committee on the Judiciary


A BILL

To amend title 11 of the United States Code to limit the value of certain real and personal property that the debtor may elect to exempt under State or local law.

    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 ‘Abolition of Bankruptcy Havens Amendments of 1994’.

SEC. 2. AMENDMENTS.

    Section 522 of title 11, United States Code, is amended--

      (1) in subsection (b)(2)(A) by inserting ‘subject to subsection (n),’ after ‘(2)(A)’, and

      (2) by adding at the end the following:

    ‘(n) As a result of electing under subsection (b)(2)(A) to exempt property that is exempt under State or local law, the debtor may not exempt an aggregate interest of more than $50,000 in value in real or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.’.

SEC. 3. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) EFFECTIVE DATE- Except as provided in subsection (b), this Act and the amendments made by section 2 shall take effect on January 1, 1995.

    (b) APPLICATION OF AMENDMENTS- The amendments made by section 2 shall not apply with respect to cases commenced under title 11 of the United States Code before the effective date of this Act.