S.2996 - Bankruptcy Abuse Reform Act of 2002107th Congress (2001-2002)
|Sponsor:||Sen. Kohl, Herb [D-WI] (Introduced 09/24/2002)|
|Committees:||Senate - Judiciary|
|Latest Action:||09/24/2002 Read twice and referred to the Committee on the Judiciary.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.2996 — 107th Congress (2001-2002)All Bill Information (Except Text)
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.
Introduced in Senate (09/24/2002)
States that this limitation on such an exemption does not apply to the principal residence of a family farmer.