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Two Key Provisions in the Bankruptcy Reform Act Conference Report: The Homestead Exemption and Dischargeability of Liability for Violations of Laws Relating to the Provision of Lawful Goods and Services 1 (September 19, 2002)

handle is hein.bank/crsbank0048 and id is 1 raw text is: Order Code RS21276 Updated September 19, 2002 CRS Report for Congress Received through the CRS Web Two Key Provisions in the Bankruptcy Reform Act Conference Report: The Homestead Exemption and Dischargeability of Liability for Violations of Laws Relating to the Provision of Lawful Goods and Services Robin Jeweler Legislative Attorney American Law Division Summary This report examines two key provisions in the Conference Report on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2002, H.Rept. 107-617, 107th Cong., 2d Sess. (2002): the homestead exemption and dischargeability of liability for violation of laws relating to the provision of lawful goods and services (known as the Schumer Amendment). Background. H.R. 333, 107th Cong., 1St Sess. (2001), the Bankruptcy Abuse Prevention and Consumer Protection Act of 2001 passed the House on March 1, 2001. The Senate passed H.R. 333 with an amendment in the nature of a substitute on July 17, 2001. Both chambers appointed conferees in July, 2001. Conferees met on May 22,2002 to mark up the bill. It was widely reported that consensus on the legislation was reached with the exception of two outstanding issues: the homestead exemption and the provision for discharge of liability for violation of laws relating to the provision of lawful goods and services (known as the Schumer Amendment). The Conference Report Provisions. On July 26,2002, the conference filed its report, H.Rept. 107-617, 107th Cong., 2d Sess. (2002). The House Rules Committee cleared the bill for same-day consideration, although the House adjourned without taking it up. President Bush has indicated that he will sign the reported bill into law. This report examines the Conference Report provisions governing the homestead exemption and dischargeability of liability for violation of laws relating to the provision of lawful goods and services. The Homestead Exemption. The Senate version of H.R. 333 added a federal cap to state homestead exemptions of $125,000. The House version imposed a cap of Congressional Research Service ** The Library of Congress

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