Protecting Homeowners in Bankruptcy Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 8366 To amend title 11 of the United States Code to increase the amount of the allowable homestead exemption. IN THE HOUSE OF REPRESENTATIVES SEPTEMBER 24, 2020 Ms. DEAN introduced the following bill; which was referred to the Committee on the Judiciary A BILL To amend title 11 of the United States Code to increase the amount of the allowable homestead exemption. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Protecting Home- 4 owners in Bankruptcy Act of 2020’’. 5 SEC. 2. INCREASING THE HOMESTEAD EXEMPTION. 6 Section 522 of title 11 of the United States Code, 7 is amended— 8 (1) in subsection (d)(1) by striking ‘‘$15,000’’ 9 and inserting ‘‘$100,000’’; and 10 VerDate Sep 11 2014 20:21 Oct 08, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8366.IH H8366 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 8366 IH (2) by adding at the end the following: 1 ‘‘(r) Notwithstanding any other provision of applica- 2 ble nonbankruptcy law, a debtor in any State may exempt 3 from property of the estate the property described in sub- 4 section (d)(1) not to exceed the value in subsection (d)(1) 5 if the exemption for such property permitted by applicable 6 nonbankruptcy law is lower than that amount.’’. 7 SEC. 3. EFFECTIVE DATE; APPLICATION OF AMENDMENTS. 8 (a) EFFECTIVE DATE.—Except as provided in sub- 9 section (b), this Act and the amendments made by this 10 Act shall take effect on the date of the enactment of this 11 Act. 12 (b) APPLICATION OF AMENDMENTS.—The amend- 13 ments made by this Act shall not apply to cases com- 14 menced under title of the United States Code before the 15 effective date of this Act. 16 Æ VerDate Sep 11 2014 20:21 Oct 08, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H8366.IH H8366 pamtmann on DSKBC07HB2PROD with BILLS