Summary: S.1054 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for S.1054. Bill summaries are authored by CRS.

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Introduced in Senate (05/24/2011)

Fighting Fraud in Bankruptcy Act of 2011 - Amends federal bankruptcy law to prescribe remedies, including civil penalties, for a negligent, reckless, or fraudulent assertion of claim in a bankruptcy proceeding under either chapter 7 (liquidation) or chapter 13 (adjustment of debts of an individual with regular income).

Prohibits the court, in any case involving a service member, from granting relief from an automatic stay upon request of a party in interest unless such party certifies under penalty of perjury that the requirements of the Servicemembers Civil Relief Act pertaining to mortgages used as security on real or personal property have been met.

Amends the federal judicial code to confer upon the U.S. trustee the duty to exercise the trustee's powers and authorities to prevent or remedy any negligent, reckless, or fraudulent assertion of a claim.

Requires the Director of the Executive Office for U.S. Trustees to establish specified audit procedures to determine the accuracy, veracity, and completeness of proofs of claim filed under federal bankruptcy laws.