Page:United States Statutes at Large Volume 98 Part 1.djvu/401

 PUBLIC LAW 98-353—JULY 10, 1984 the court, for cause, within such forty-five day period fixes, the debtor shall perform his intention with respect to such property, as specified by subparagraph (A) of this paragraph; and "(C) nothing in subparagraphs (A) and (B) of this paragraph shall alter the debtor's or the trustee's rights with regard to such property under this title;". SEC. 306. (a) Section 522(b) of title 11, United States Code, is amended by striking out "Notwithstanding" and all that follows through "either—" and inserting in lieu thereof the following: "Notwithstanding section 541 of this title, an individual debtor may exempt from property of the estate the property listed in either paragraph (1) or, in the alternative, paragraph (2) of this subsection. In joint cases filed under section 302 of this title and individual cases filed under section 301 or 303 of this title by or against debtors who are husband and wife, and whose estates are ordered to be jointly administered under Rule 1015(b) of the Bankruptcy Rules, one debtor may not elect to exempt property listed in paragraph (1) and the other debtor elect to exempt property listed in paragraph (2) of this subsection. If the parties cannot agree on the alternative to be elected, they shall be deemed to elect paragraph (1), where such election is permitted under the law of the jurisdiction where the case is filed. Such property is—". (b) Section 522(d)(3) of title 11, United States Code, is amended by inserting "or $4,000 in aggregate value" after "item". (c) Section 522(d)(5) of title 11, United States Code, is amended to read as follows: "(5) The debtor's aggregate interest in any property, not to exceed in value $400 plus up to $3,750 of any unused amount of the exemption provided under paragraph (1) of this subsection.". (d) Section 522(m) of title 11, United States Code, is amended to read as follows: "(m) Subject to the limitation in subsection (b), this section shall apply separately with respect to each debtor in a joint case.". SEC. 307. (a) Section 523(a)(2) of title 11, United States Code, is amended— (1) in subparagraph (A) by striking out "or" at the end thereof, (2) in subparagraph (B) by inserting "or" at the end thereof, and (3) by adding at the end thereof the following new subparagraph: "(C) for purposes of subparagraph (A) of this paragraph, consumer debts owed to a single creditor and aggregating i' more than $500 for 'luxury goods or services' incurred by an individual debtor on or within forty days before the order for relief under this title, or cash advances aggregating more than $1,000 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within twenty days before the order for relief under this title, are presumed to be nondischargeable; 'luxury goods or services' do not include goods or services reasonably acquired for the support or maintenance of the debtor or a dependent of the debtor; an extension of consumer credit under an open end credit plan is to be defined

98 STAT. 353

li USC app.

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