Summary: H.R.3982 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3982. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/07/1990)

Taxpayer Recovery Act of 1990 - Amends the Federal bankruptcy code to exempt from a bankruptcy discharge: (1) a criminal restitution order issued against a person who has caused loss to a financial institution; (2) an order for damages arising from fraud or reckless disregard for the law involving a financial institution; and (3) judgments obtained by the FDIC against officers and directors for breach of fiduciary duty.

Extends from 60 to 120 days the time during which an objection to a discharge in bankruptcy petition may be filed.

Restricts to $7,500 the amount of real estate or insurance assets which may be shielded under the homestead exemption to the bankruptcy code.