hold on there's just too much going on in Congress lmao...
Modifies debt limits for small business and individual bankruptcies.
Sen. Grassley (R-IA) and bipartisan cosponsors.
In Senate, placed on calendar.
This bill, introduced by Senator Chuck Grassley (R-IA) and a bipartisan group of senators, proposes to change the maximum debt allowed for certain small business and individual bankruptcies. It has been read twice in the Senate and is now on the calendar, meaning it's ready for potential debate and vote by the full Senate.
Introduced Mar 3, 2026
The bill was introduced in the Senate and has been read for a second time. It is now on the Senate calendar, making it eligible for a vote by the full Senate. For it to become law, it would still need to pass the Senate, then pass the House of Representatives, and finally be signed by the President.
If this bill passes, a small business with up to $7.5 million in combined secured and unsecured debt could be eligible to file for bankruptcy under Subchapter V of Chapter 11. Similarly, individuals (or couples) with regular income could file for Chapter 13 bankruptcy if their total noncontingent, liquidated debts are less than $2.75 million. These new eligibility rules would apply to any bankruptcy case started after the bill becomes law.
Supporters Say
Not specified in the bill text.
Critics Say
Not specified in the bill text.
The bill text itself does not provide explicit arguments from supporters or critics. However, the bill is sponsored by a bipartisan group of senators, suggesting broad support for its aims.