Latest action: Held at the desk.
Bill is filed in its originating chamber and assigned a number.
Sponsor
Chuck Grassley (R-IA)
Filed in the Senate.
Next: In Committee
Members of the committee(s) the bill was referred to
Adjusts bankruptcy income and debt thresholds for individuals filing for bankruptcy protection.
The problem
Bankruptcy eligibility thresholds haven't been updated recently. Rising costs of living and inflation may make it harder for struggling individuals to qualify for debt relief.
The proposal
Updates the income and debt limits used to determine whether people can file for bankruptcy. Adjusts these thresholds to reflect current economic conditions.
The impact
Individuals struggling with debt may find it easier or harder to file for bankruptcy depending on the new thresholds. Creditors and debt collection practices could be affected.
Updated thresholds could allow more people facing financial hardship to access bankruptcy protection. This gives families a fresh start when debt becomes unmanageable.
Adjusting thresholds to account for inflation keeps bankruptcy law fair. It ensures the rules match today's living expenses and wages.
Easier access to bankruptcy protection means fewer people staying trapped in debt cycles. This can improve financial stability for struggling households.
Higher bankruptcy thresholds could mean more people qualify to discharge debts. This increases financial losses for creditors, lenders, and credit card companies.
More bankruptcies might reduce lending availability or raise interest rates. Lenders could respond by being more cautious with credit approval.
Easier bankruptcy access might discourage some people from repaying debts they could afford. It could reduce personal responsibility for financial obligations.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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