S. 2996 — Bankruptcy Abuse Reform Act of 2002

Summary

Bankruptcy Abuse Reform Act of 2002--Amends the Federal bankruptcy code to prohibit a debtor from exempting from the estate in bankruptcy any amount of interest that exceeds in the aggregate $125,000 in value in: (1) real or personal property used as a residence; (2) a cooperative that owns property used as a residence by the debtor or debtor's dependent; or (3) a burial plot for the debtor or debtor's dependent.

States that this limitation on such an exemption does not apply to the principal residence of a family farmer.

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Legislative Actions

2002-09-24
Introduced in Senate
2002-09-24
Sponsor introductory remarks on measure. (CR S9122-9123)
2002-09-24
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S9123)

Bankruptcy Abuse Reform Act of 2002

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