The President Signs Bankruptcy Legislation Increasing Eligibility Limits for Subchapter V and Chapter 13
On June 21, 2022, President Biden signed into law Senate Bill 3823, the “Bankruptcy Threshold Adjustment and Technical Corrections Act” (the “Act”). The Act reinstates the threshold debt limit of $7.5 million for Subchapter V of Chapter 11, retroactive to the original expiration date of March 28, 2022 for an additional two-year period. The Act…
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Bipartisan Legislation (S. 3823) Introduced to Make Permanent the SBRA $7.5 Million Debt Limit and to Modify the Qualifications for Filing Chapter 13
Senator Grassley Introduces Bipartisan Legislation to Make Permanent the SBRA $7.5 Million Debt Limit and to Increase the Qualifying Debt Limits for Filing Chapter 13 On March 14, 2022, U.S. Senator Chuck Grassley [R-IA] introduced S.3823, the Bankruptcy Threshold Adjustment and Technical Corrections Act. The Bill has bipartisan support and is co-sponsored by Senators Richard…
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The Supreme Court Holds That Passive Retention Of Estate Property Does Not Violate The Automatic Stay, But Stay Tuned . . .
By unanimous opinion, the United States Supreme Court in City of Chicago, IL v. Fulton, 592 U.S. ___ 2021 (January 14, 2021), held that the City of Chicago’s retention of debtors’ vehicles impounded for unpaid fines for motor vehicle infractions did not constitute a violation of the Automatic Stay under 11 U.S.C. § 362(a)(3). Several…
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Consumer Bankruptcy Reform Bill Introduced In The House & Senate
Senator Elizabeth Warren (D-MA) and others have been persistent advocates for consumer bankruptcy reform both prior to and after enactment of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”). President Biden has sided with Senator Warren’s recommendations and on December 9, 2020, Senators Warren, Dick Durbin (D-IL), and Sheldon Whitehouse (D-RI) introduced the…
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