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HR 8902 116th Congress House Finance and Financial Sector

Consumer Bankruptcy Reform Act of 2020

Introduced: December 8, 2020 Introduced by: Nadler, Jerrold Democratic · New York See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 8, 2020
Introduced in House
Dec 8, 2020
Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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 Plain-English summary Congressional Research Service

Consumer Bankruptcy Reform Act of 2020

This bill generally revises consumer bankruptcy law by establishing a new Chapter 10 for individual debtors with not more than $7.5 million in debt. The bill eliminates the ability of individual debtors to file for bankruptcy under Chapter 7 liquidation bankruptcy and repeals Chapter 13, which requires individual debtors to comply with a repayment plan to receive a discharge of debt.

Under Chapter 10, debtors may receive a discharge of debt through making minimum payment obligations based on the debtor's assets and income which may result in immediate discharge for individuals with no minimum payment obligation. The bill also provides for residential protections for debtors and revises what type of debt is dischargeable in bankruptcy. An individual may obtain a discharge under Chapter 10 once every six years.

Individuals may seek limited bankruptcy proceedings on certain debts, such as a home mortgage.

The bill also establishes consumer bankruptcy protections, including by creating a Consumer Bankruptcy Ombuds at the Consumer Financial Protection Bureau.

What's happening now December 8, 2020

Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Related & companion bills 1
  • S 4991 Related bill Consumer Bankruptcy Reform Act of 2020
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 8902: Consumer Bankruptcy Reform Act of 2020. 116th Congress. Open America. https://openamerica.io/bill/116-HR-8902/
MLA
"H.R. 8902: Consumer Bankruptcy Reform Act of 2020." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-8902/.
Bluebook (legal)
H.R. 8902, 116th Cong. (2026), https://openamerica.io/bill/116-HR-8902/.
Markdown link
[H.R. 8902: Consumer Bankruptcy Reform Act of 2020](https://openamerica.io/bill/116-HR-8902/)
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