Consumer Bankruptcy Improvements Act of 1983

Summary

Consumer Bankruptcy Improvements Act of 1933 - Amends the Bankruptcy Code to prohibit any individual who has been a debtor in a bankruptcy case pending at any time in the preceding 180 days from being a debtor if: (1) the case was dismissed for willful failure to abide by court orders; or (2) the debtor requested and obtained the voluntary dismissal of the case following the filing of a request for relief from the automatic stay. Requires the debtor, within 30 days of filing for bankruptcy under Chapter 7 (liquidation), to give each secured creditor and trustee a statement showing whether the debtor intends to retain or surrender the collateral, claim it as exempt, redeem it, or reaffirm debts secured by it. Sets a total exemption limit of $4,000 on personal and household items, of which each is valued at under $200. Requires debtors in a joint bankruptcy to choose either State or Federal exemptions. Makes nondischargeable any debts aggregating more than $500 incurred within 45 days of filing for bankruptcy. Declares that a debtor is able to repay a debt voluntarily. Prohibits private employers from terminating employees or discriminating against potential employees because of bankruptcy. Prohibits a trustee in bankruptcy from nullifying pre-petition payments made by a debtor to a creditor if the amount is: (1) less than $250 in a personal bankruptcy; or (2) less than $750 in a business bankruptcy. Prohibits approval of a repayment plan under Chapter 13 bankruptcies (repayment plan) if the holder of an allowed unsecured claim objects to the confirmation of the plan, unless: (1) the value of the property to be distributed under the plan on account of such claim is not less than the amount of such claim; or (2) the plan provides that all of the debtor's projected disposable income for the three-year period beginning on the date that the first payment is due under the plan will be applied to make such payments. Defines the term 'disposable income' for the purposes of the repayment plan. Requires the debtor to begin making payments to the trustee within 30 days after filing a repayment plan (currently payments do not begin until the plan is confirmed). Requires the trustee to hold such payments until a plan is confirmed or denied. Permits the debtor, unsecured creditors, or the trustee to request a modification of the repayment plan if the debtor's disposable income has changed substantially.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 February 1983

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 1 February 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 6 April 1983

   Committee

   Committee on Judiciary. Hearings held. Hearings printed: S.Hrg. 98-574.

   Source: Committee

4. 12 April 1983

   Committee

   Committee on Judiciary. Committee consideration and Mark Up Session held.

   Source: Committee

5. 19 April 1983

   Reported

   Committee on Judiciary. Provisions of measure incorporated into measure S. 445 ordered to be reported.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 1 February 1983

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Cosponsor
• · ssju00 · Standing

Related records

• related to → Consumer Bankruptcy Improvements Act of 1983
• related to ← Omnibus Bankruptcy Improvements Act of 1983