119th Congress · Senate bill · Last action Aug 10, 2026
S. 3977Passed SenateFinance and Financial Sector
Bankruptcy Threshold Adjustment Act of 2026
Sponsor: Sen. Grassley, Chuck (R-IA)5 cosponsorsIntroduced Mar 3, 2026
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In plain English
This bill increases debt limits for small business reorganizations under bankruptcy law from $3.4 million to $7.5 million and raises the cumulative debt limit for wage earner bankruptcy plans from $2.1 million to $2.75 million. It also combines secured and unsecured debt into a single limit for wage earner plans rather than treating them separately. These changes restore limits that expired in 2024. Sen. Chuck Grassley (R-IA) introduced the bill, which currently is held at the desk.
What’s in the bill (2 sections)
- Sec. 2. Debt limit modifications
- Sec. 3. Effective date
Generated by ThePolitibase from the bill text and CRS summary. Read the official text →
Note: the official CRS summary for this bill was written on 2026-08-03, but the bill text was revised on 2026-08-03T04:00:00Z. Provisions may have been added since the summary was written — the section list above reflects the current text.
Where it is in the process
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Introduced
Mar 3
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Senate committee
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Senate floor
Aug 3
4
House
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5
Signed
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What happens next: Cleared the Senate. Now goes to the House for consideration.
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Sponsor
Cosponsors (5)
RS
JS
SS
LS
CS
3 Democrats, 2 Republicans (of 5 shown).
Activity timeline
Aug 10
Aug 10
Aug 10
Held at the desk.
Aug 10
Aug 10
Aug 10
Received in the House.
Aug 10
Aug 10
Aug 10
Message on Senate action sent to the House.
Aug 3
Aug 3
Aug 3
Passed Senate without amendment by Unanimous Consent. (consideration: CR S4412; text: CR S4412)
Aug 3
Aug 3
Aug 3
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Mar 4
Mar 4
Mar 4
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 347.
Mar 3
Mar 3
Mar 3
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Mar 3
Mar 3
Mar 3
Introduced in Senate
Read the bill text
Official text via Congress.gov. Opens in a new tab.
Full action log
All 8 recorded actions since introduction · Source: Congress.gov
Aug 10
HOUSEHeld at the desk.
Aug 10
HOUSEReceived in the House.
Aug 10
SENATEMessage on Senate action sent to the House.
Aug 3
SENATEPassed Senate without amendment by Unanimous Consent. (consideration: CR S4412; text: CR S4412)
Aug 3
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Mar 4
SENATERead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 347.
Mar 3
SENATEIntroduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Mar 3
Introduced in Senate
All 5 cosponsors
3 Democrats · 2 Republicans
Democrats (3)
Republicans (2)
Graham, LindseySC
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