US SB3977

Increases the debt limit for small business bankruptcy (Subchapter V of Chapter 11) to $7,500,000 in aggregate noncontingent liquidated secured and unsecured debts, with at least 50% arising from commercial or business activities

Raises the Chapter 13 consumer bankruptcy debt limit to $2,750,000 in noncontingent, liquidated debts for individuals with regular income or married couples filing jointly

Excludes from small business bankruptcy eligibility: corporations subject to SEC reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934, affiliates of such corporations, and affiliated debtor groups exceeding the $7,500,000 threshold

Applies to any bankruptcy case commenced on or after the date of enactment