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United States · Bill · HR

H.R. 764 (105th)

Bankruptcy Amendments of 1997

referredUnited States· United States Congress· EN

Introduced

13 February 1997

Last action

—

Status

Referred to Subcommittee on Oversight and Courts.

Sponsors

—

Subjects

Discovery layer

Source updated

10 August 2026

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Summary

Bankruptcy Amendments of 1997 - Makes technical corrections to Federal bankruptcy, criminal, and judiciary law. Redefines single asset real estate to exclude family farms and remove the $4 million ceiling on the amount of noncontingent, liquidated secured debts on such property. (Sec. 3) Requires triennial adjustment of the $5,000 value of certain implements, professional books, tools of the trade, farm animals, and crops which a debtor may exempt from the property of the estate (protecting it from creditors' liens). (Sec. 4) Allows a bankruptcy court to award reasonable compensation out of the debtor's estate in chapter 7 (Liquidation) cases to a debtor's attorney. (Sec. 6) Modifies guidelines governing assumption by the bankruptcy trustee of certain executory contracts and unexpired leases with specified defaults. Repeals: (1) the prohibition against trustee assumption or assignment of unexpired leases of aircraft facilities unless all such leases are assumed or assigned; and (2) the deemed rejection of such a lease if the trustee does not assume or reject it. (Sec. 9) Revises the prohibition against debtor avoidance of certain judicial liens in connection with a liability designated as, and actually in the nature of, alimony, maintenance, or support. (Sec. 10) Declares nondischargeable in bankruptcy a debt for death or personal injury caused by the debtor's operation of a watercraft or aircraft while intoxicated from alcohol, a drug, or other substance. (Sec. 14) Prohibits the trustee in bankruptcy from avoiding a transfer made between 90 days and one year before the filing of the relief petition, if the transfer at the time was made for the benefit of a non-insider transferee. (Sec. 15) Revises set-off recovery rules to exclude from recovery by a trustee setoffs by swap participants. (Sec. 20) Requires the U.S. trustee in a chapter 11 (Reorganization) case to file a report certifying the election of an eligible, disinterested trustee at a meeting of creditors. Declares that upon such filing: (1) the trustee elected shall be considered to have been selected and appointed; and (2) the service shall terminate of any trustee previously appointed to fill the term of specified ineligible or incapacitated trustees. (Sec. 23) States that the filing of a Chapter 11 bankruptcy petition does not operate as an automatic stay of: (1) the criminal enforcement of a judicial order requiring the payment of child support; and (2) any act to perfect, maintain, or continue certain security interests in real property whose transfer may not be avoided by a bankruptcy trustee.

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Documents

11 official files

Referred in Senate (text)

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