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United States · Bill · S

S. 1559 (104th)

Bankruptcy Technical Corrections Act of 1996

referredUnited States· United States Congress· EN

Introduced

6 February 1996

Last action

—

Status

Referred to the Subcommittee on Commercial and Administrative Law.

Sponsors

—

Subjects

Discovery layer

Source updated

10 August 2026

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Summary

Bankruptcy Technical Corrections Act of 1996 - Makes technical corrections to Federal bankruptcy law, and 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. Requires triennial adjustment of the $5000 minimum threshold value of certain implements, professional books, tools of the trade, farm animals, and crops with respect to which a debtor in certain States may not avoid the fixing of a nonpossessory, nonpurchase-money security interest lien. Allows a bankruptcy court to award reasonable compensation to a debtor's attorney. Repeals the disallowance of certain benefit entitlements as property a debtor may exempt from the property of his or her estate if applicable State law does not specifically authorize their allowance. Allows an exemption for such entitlements but only to the extent that applicable State law does not specifically authorize them. Repeals a similar exemption disallowance for the right to receive payments under a stock bonus, pension, profitsharing, annuity, or similar plan which meet certain disqualifying criteria. Allows, instead, an exemption for such rights but only to the extent that such criteria (no longer disqualifying) are met. Repeals a provision for temporary continuation on the Bankruptcy Review Commission of certain members who have been or become employees or officers of a government.

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Documents

11 official files

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