What is the official ID of this bill?
The official print number for this legislation is S 146.
Bankruptcy Relief for Individuals with Medical Debt
This act aims to simplify bankruptcy for individuals facing financial hardship due to high medical costs or job loss related to illness. It modifies rules for medical debt, allowing greater asset protection and an easier bankruptcy process for those most in need.
Key points
Introduces definitions for "medical debt" and "medically distressed debtor" to allow special treatment in bankruptcy proceedings.
Increases the amount of property (e.g., a home) that can be protected in bankruptcy for medically distressed debtors to $250,000.
Simplifies bankruptcy procedures for individuals with medical debt by waiving certain requirements like the means test or mandatory credit counseling.
Makes it easier to discharge student loan debt in bankruptcy if the debtor is medically distressed.
Requires debtors seeking medical debt relief to file a sworn statement that medical expenses were not incurred to intentionally meet the act's criteria.
Status:
Expired
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