Medical Bankruptcy Fairness Act of 2014

Summary

Medical Bankruptcy Fairness Act of 2014 - Amends federal bankruptcy law to cite circumstances under which a medically distressed debtor may elect to exempt from the property of the estate in bankruptcy up to $250,000 of the debtor's aggregate interest in: (1) specified real or personal property that the debtor (or debtor's dependent) uses as a residence, (2) a cooperative that owns the property used as a residence by the debtor or a dependent of the debtor, or (3) a burial plot for the debtor or debtor's dependent. Applies the same election to certain other property of a medically distressed debtor, including certain retirement funds held in a tax-exempt account. Declares inapplicable to a medically distressed debtor: (1) certain presumptions that granting relief under Chapter 7 would constitute abuse of Chapter 7, and (2) mandatory court disapproval of a debtor's plan under chapter 13 upon objection by the trustee or the holder of an allowed unsecured claim. Waives the credit counseling prerequisite for filing for debt relief in the case of a medically distressed debtor. Permits a medically distressed debtor to discharge in bankruptcy debts for certain educational loans. Requires a debtor who seeks relief as a medically distressed debtor to attest in writing, and under penalty of perjury, that debtor's medical expenses are genuine, and are not specifically incurred to bring the debtor within the meaning of "medically distressed debtor."

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 June 2014

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 June 2014

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• Introduced in Senate

  summary · EN · 12 June 2014

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