Consumer Bankruptcy Reform Act of 2022

Summary

Consumer Bankruptcy Reform Act of 2022 This bill generally revises consumer bankruptcy law by establishing a new Chapter 10 for individual debtors with not more than $7.5 million in debt. The bill eliminates the ability of individual debtors to file for bankruptcy under Chapter 7 liquidation bankruptcy and repeals Chapter 13, which requires individual debtors to comply with a repayment plan to receive a discharge of debt. Under Chapter 10, debtors may receive a discharge of debt through making minimum payment obligations based on the debtor's assets and income which may result in immediate discharge for individuals with no minimum payment obligation. The bill also provides for residential protections for debtors and revises what type of debt is dischargeable in bankruptcy. An individual may obtain a discharge under Chapter 10 once every six years. Individuals may seek limited bankruptcy proceedings on certain debts, such as a home mortgage. The bill also establishes consumer bankruptcy protections, including by creating a Consumer Bankruptcy Ombuds at the Consumer Financial Protection Bureau.

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Timeline

1. 28 September 2022

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 28 September 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 28 September 2022 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 September 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 September 2022

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 September 2022

  Open at official source

Sponsors

• Elizabeth Warren · D · Sponsor
• Sheldon Whitehouse · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Consumer Bankruptcy Reform Act of 2024
• related to ← Consumer Bankruptcy Reform Act of 2020