S 586 IS

To amend title 11, United States Code, to limit the value of certain real and personal property that a debtor may elect to exempt under State or local law, and for other purposes.

March 11, 1999

Mr. KOHL (for himself and Mr. SESSIONS) introduced the following bill; which was read twice and referred to the Committee on the Judiciary

To amend title 11, United States Code, to limit the value of certain real and personal property that a debtor may elect to exempt under State or local law, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Bankruptcy Abuse Reform Act of 1999'.

SEC. 2. LIMITATION.

Section 522 of title 11, United States Code, is amended--

(1) in subsection (b)(2)(A), by inserting `subject to subsection (n),' before `any property'; and

(2) by adding at the end the following new subsection:

`(n) As a result of electing under subsection (b)(2)(A) to exempt property under State or local law, a debtor may not exempt any amount of interest that exceeds, in the aggregate, $100,000 in value in--

`(1) real or personal property that the debtor or a dependent of the debtor uses as a residence;

`(2) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence; or

`(3) a burial plot for the debtor or a dependent of the debtor.'.

END