Bankruptcy Reform Act of 1994

enactedUnited States· United States Congress· EN

Introduced

28 September 1994

Last action

22 October 1994 · President

Status

Became Public Law No: 103-394.

Summary

TABLE OF CONTENTS: Title I: Improved Bankruptcy Administration Title II: Commercial Bankruptcy Issues Title III: Consumer Bankruptcy Issues Title IV: Governmental Bankruptcy Issues Title V: Technical Corrections Title VI: Severability; Effective Date; Application of Amendments Bankruptcy Reform Act of 1994 - Title I: Improved Bankruptcy Administration - Amends Federal bankruptcy law to allow, with the consent of the parties in interest, an extension of the 30 day period following conclusion of a preliminary hearing on a motion to lift an automatic stay, by the end of which a final hearing must be concluded. (Sec. 102) Amends the judicial code to mandate the jurisdiction of a Federal district court to hear appeals from interlocutory orders and decrees of bankruptcy judges increasing certain time periods for filing a bankruptcy plan. (Currently, a district court has discretion to hear such appeals by its leave only.) (Sec. 103) Revises expedited procedures for reaffirmation of debts. (Sec. 104) Permits bankruptcy court judges to hold status conferences and to issue case limitations and conditions at such conferences. Amends the Federal judicial code to change from discretionary to mandatory the authority of the judicial council of a circuit to establish a bankruptcy appellate panel service. Prescribes circumstances for the termination of a bankruptcy appellate panel. Revises appeals guidelines. (Sec. 105) Permits bankruptcy administrators (in a State in which the bankruptcy system is administered by a Bankruptcy Administrator instead of a U.S. Trustee) to preside at meetings of creditors and equity security holders, and to examine the debtor at creditors' meetings. (Sec. 106) Amends the Bankruptcy Code to include within the definition of "person" pension benefit guarantors and legal or beneficial owners of an asset of an eligible deferred compensation plan or of a governmental employee pension benefit plan (thus enabling such persons, State pension funds, and the Pension Benefit Guaranty Corporation to serve on creditors' committees). (Sec. 107) Revises current guidelines to permit increases in incentive compensation for bankruptcy trustees. (Sec. 108) Increases the dollar limitations and debt limits applicable to specified bankruptcy procedures (thus enlarging the range of debtors eligible to repay debts over a period from regular income (Chapter 13 debtors), and accounting for inflation since 1978). (Sec. 109) Revises premerger notification requirements. (Sec. 110) Entitles members of Chapter 11 bankruptcy reorganization committees to reimbursement for actual and necessary expenses. (Sec. 111) Prescribes guidelines for supplemental injunctions issued to enjoin entities from taking legal action to receive payment with respect to any claim that under a reorganization plan is to be paid by a specified trust established to assume the debtor's liability for asbestos-related damages. (Sec. 112) Amends the judicial code to authorize bankruptcy court judges to conduct jury trials in civil proceedings under specified circumstances. (Sec. 113) Provides for a waiver of State and Federal sovereign immunity with respect to monetary recoveries and declaratory or injunctive relief under the Bankruptcy Code. Title II: Commercial Bankruptcy Issues - Amends Federal bankruptcy law to revise provisions regarding the right of a party with a security interest in certain aircraft equipment, maritime vessels, or railroad rolling stock equipment to take possession of such equipment or vessels in compliance with an equipment security agreement notwithstanding the automatic stay or property use or sale provisions of the bankruptcy code or injunctive power of the bankruptcy court, unless the trustee assumes the debtor's obligations under the agreement by a specified deadline and any default is cured. (Sec. 202) Sets forth or revises guidelines governing: (1) liability limitations with respect to noninsider transferees for avoided transfers; (2) maintenance and continued perfection of a secured creditor's position; (3) rejection of unexpired leases of real property or timeshare interests; (4) inclusion of the claims of independent sales representatives within priority claims against the bankrupt estate; (5) exclusion from the bankrupt estate of the debtor's interest in liquid or gaseous hydrocarbons; (6) a seller's right to reclaim goods from a bankrupt debtor; (7) election of a disinterested trustee; (8) rights of the partnership trustee against the general partners; (9) exclusion from the debtor's estate of certain accounts receivable and chattel paper; (10) timely filing of claims, interests, and administrative expense requests; (11) the protection of security interests in post-petition rents; and (12) spot foreign exchange contracts. Title III: Consumer Bankruptcy Issues - Permits a Chapter 13 debtor to cure a lien arising from a home mortgage default with respect to his or her principal residence until the residence is sold under the lien. (Sec. 302) Declares certain criminal fines nondischargeable under a Chapter 13 proceeding. (Sec. 303) Amends Federal bankruptcy law to modify the guidelines under which a lien shall be considered to impair an exemption. (Sec. 304) Provides that a petition in bankruptcy does not operate as an automatic stay with respect to an action or proceeding for: (1) the establishment of paternity; or (2) the establishment or modification of an order for child or spousal maintenance or support. Includes within the priority list of expenses and claims that are to be paid by the bankrupt estate any claims for child or spousal support pursuant to a court order. Declares that a debtor in bankruptcy may not avoid a judicial lien securing a debt for child and spousal support or maintenance. Prohibits a bankruptcy trustee from avoiding a transfer that was a bona fide payment of a debt for child or spousal support or maintenance pursuant to a court order. Permits child support creditors to appear and intervene without charge, and without meeting any special local court requirement for attorney appearances, in any bankruptcy proceeding in any bankruptcy or district court upon the filing of a court form detailing the status of the child support debt. (Sec. 305) States that: (1) the rights of the mortgagee on the debtor's principal residence may not be modified; and (2) the rights of the most senior mortgagee on the debtor's principal residence may not be modified to reduce the secured claim to a value that is less than that of the allowed claim. (Sec. 306) Revises the guidelines regarding the debtor's cure of a default to limit a secured creditor to the benefit of the initial underlying agreement, including applicable nonbankruptcy law. (Sec. 307) Modifies the guidelines governing the presumed nondischargeability of certain consumer debts. Title IV: Governmental Bankruptcy Issues - Provides that the filing of a bankruptcy petition does not operate as an automatic stay of the creation, perfection, or enforcement of a statutory lien for an ad valorem property tax imposed by a governmental entity if such tax becomes due after the filing of a bankruptcy petition. (Sec. 402) Modifies the eligibility requirements for municipal bankruptcy filings to require that municipalities be specifically authorized by the State to file for bankruptcy. Title V: Technical Corrections - Makes technical and conforming corrections to the Bankruptcy Code and the Federal Deposit Insurance Act. Amends the judicial code to require a U.S. trustee to supervise the administration of cases and trustees in cases under Chapter 12 of the Bankruptcy Code. Title VI: Severability; Effective Date; Application of Amendments - Sets forth severability provisions and the effective date of this Act. Makes it inapplicable to certain cases commenced before its enactment.

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Timeline

28 September 1994
Introduced
Introduced in House
Source: IntroReferral
28 September 1994
Introduced
Introduced in House
Source: IntroReferral
28 September 1994
Committee
Subcommittee on Economic and Commercial Law Forwarded an Original Measure to Full Committee.
Source: Committee
28 September 1994
Introduced
Referred to the House Committee on Judiciary.
Source: IntroReferral
29 September 1994
Reported
Ordered to be Reported (Amended).
Source: Committee
29 September 1994
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
4 October 1994
Floor
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Gekas objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed until Oct. 5. The point of no quorum was withdrawn.
Source: Floor
4 October 1994
Floor
DEBATE - The House proceeded with forty minutes of debate.
Source: Floor
4 October 1994
Floor
Considered under suspension of the rules. (consideration: CR H10752-10773)
Source: Floor
4 October 1994
Floor
Mr. Brooks moved to suspend the rules and pass the bill, as amended.
Source: Floor
4 October 1994
Calendars
Placed on the Union Calendar, Calendar No. 464.
Source: Calendars
4 October 1994
Reported
Reported (Amended) by the Committee on Judiciary. H. Rept. 103-835.
Source: Committee
4 October 1994
Reported
Reported (Amended) by the Committee on Judiciary. H. Rept. 103-835.
Source: Committee
5 October 1994
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
5 October 1994
Passed
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Source: Floor
5 October 1994
Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Source: Floor
5 October 1994
Floor
Considered as unfinished business. (consideration: CR H10917)
Source: Floor
6 October 1994
Introduced
Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote. (consideration: CR S14461-14465)
Source: Floor
6 October 1994
Introduced
Passed/agreed to in Senate: Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote.(consideration: CR S14461-14465)
Source: Floor
18 October 1994
Floor
Presented to President.
Source: Floor
18 October 1994
President
Presented to President.
Source: President
22 October 1994
Became law
Became Public Law No: 103-394.
Source: President
22 October 1994
Became law
Signed by President.
Source: BecameLaw
22 October 1994
President
Signed by President.
Source: President

Votes

No vote records are attached yet.

Versions

Received in Senate · 6 October 1994 · Download file
Enrolled Bill · 6 October 1994 · Download file
Engrossed in House · 5 October 1994 · Download file
Reported in House · 4 October 1994 · Download file
Introduced in House · 28 September 1994 · Download file

Documents

13 official files

Public Law (PDF)

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Public Law (PDF)
Public Law · EN · 23 October 1994
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Enrolled Bill (text)
Enrolled Bill · EN · 6 October 1994
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Enrolled Bill (PDF)
Enrolled Bill · EN · 6 October 1994
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Received in Senate (text)
Received in Senate · EN · 6 October 1994
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Received in Senate (PDF)
Received in Senate · EN · 6 October 1994
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Engrossed in House (text)
Engrossed in House · EN · 5 October 1994
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Engrossed in House (PDF)
Engrossed in House · EN · 5 October 1994
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Passed House amended
summary · EN · 5 October 1994
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Reported in House (text)
Reported in House · EN · 4 October 1994
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Reported in House (PDF)
Reported in House · EN · 4 October 1994
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Introduced in House (text)
Introduced in House · EN · 28 September 1994
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Introduced in House (PDF)
Introduced in House · EN · 28 September 1994
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Introduced in House
summary · EN · 28 September 1994
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Related across the Repo ecosystem

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Direct relationships

Legal framework · Bankruptcy Reform Act of 1994 · H.R. 5116 (103rd) · US

Identifier matchPROJECTS_FROM
Same us record 103-hr-5116 projected from PoliticalRepo US row.
Bankruptcy Reform Act of 1994

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/103rd-congress/house-bill/5116
Open data entity: https://api.congress.gov/v3/bill/103/hr/5116
us · 103-hr-5116 · source updated 25 September 2021