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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions members such as Charles Ernest Grassley.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6122. Mr. GRASSLEY (for himself and Mr. Durbin) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. . DEBT LIMIT MODIFICATIONS.
(a) Short Title.—This section may be cited as the
“Bankruptcy Threshold Adjustment Act of 2026”.
(b) Modification to the Small Business Bankruptcy Debt
Limit.—Section 1182(1) of title 11, United States Code, is
amended to read as follows:
“(1) Debtor.—The term `debtor'—
“(A) subject to subparagraph (B), means a person engaged
in commercial or business activities (including any affiliate
of such person that is also a debtor under this title and
excluding a person whose primary activity is the business of
owning single asset real estate) that has aggregate
noncontingent liquidated secured and unsecured debts as of
the date of the filing of the petition or the date of the
order for relief in an amount not more than $7,500,000
(excluding debts owed to 1 or more affiliates or insiders)
not less than 50 percent of which arose from the commercial
or business activities of the debtor; and
“(B) does not include—
“(i) any member of a group of affiliated debtors under
this title that has aggregate noncontingent liquidated
secured and unsecured debts in an amount greater than
$7,500,000 (excluding debt owed to 1 or more affiliates or
insiders);
“(ii) any debtor that is a corporation subject to the
reporting requirements under section 13 or 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)); or
“(iii) any debtor that is an affiliate of a corporation
described in clause (ii).”.
(c) Modification to the Consumer Bankruptcy Debt Limit.—
Section 109 of title 11, United States Code is amended by
striking subsection (e) and inserting the following:
“(e) Only an individual with regular income that owes, on
the date of the filing of the petition, noncontingent,
liquidated debts that aggregate less than $2,750,000 or an
individual with regular income and such individual's spouse,
except a stockbroker or a commodity broker, that owe, on the
date of the filing of the petition, noncontingent, liquidated
debts that aggregate less than $2,750,000 may be a debtor
under chapter 13 of this title.”.
(d) Effective Date.—The amendments made by this section
shall apply to any case that is commenced under title 11,
United States Code, on or after the date of enactment of this
Act.