To amend title 11 of the United States Code with respect to the allowance of certain claims or interests.

Amends Federal bankruptcy law to disallow a claim to which an objection has been raised to the extent that it is a nonmalignant asbestos related claim (including a claim for pleural plaques, asymptomatic pleural thickening, asbestosis, fear of cancer, emotional distress, and medical surveillance).

Allows a nonmalignant asbestos related claim, however, for: (1) permanent breathing impairment; or (2) a survivor claim where the decedent's death was caused by exposure to asbestos or asbestos-containing products.

States that when and if a person develops a subsequent asbestos related claim that is allowable, then a previously disallowed claim may proceed as an allowable demand against either the reorganized debtor, or against a trust set up as part of a reorganization case for holders of allowable asbestos related claims and asbestos related demands.