S.2996 - Bankruptcy Abuse Reform Act of 2002107th Congress (2001-2002)
Summary: S.2996 — 107th Congress (2001-2002)
Bankruptcy Abuse Reform Act of 2002--Amends the Federal bankruptcy code to prohibit a debtor from exempting from the estate in bankruptcy any amount of interest that exceeds in the aggregate $125,000 in value in: (1) real or personal property used as a residence; (2) a cooperative that owns property used as a residence by the debtor or debtor's dependent; or (3) a burial plot for the debtor or debtor's dependent.
Introduced in Senate (09/24/2002)
States that this limitation on such an exemption does not apply to the principal residence of a family farmer.