To provide a homestead floor for the elderly.

SA 17. Mr. FEINGOLD proposed an amendment to the bill S. 256, to
amend title 11 of the United States Code, and for other purposes; as
follows:

On page 191, between lines 11 and 12, insert the following:

SEC. 322A. EXEMPTION FOR THE ELDERLY.

Section 522 of title 11, United States Code, as amended by
sections 224, 308, and 322, is amended by adding at the end
the following:
``(r) For a debtor whose age is 62 or older on the date of
the filing of the petition, if the debtor elects to exempt
property--
``(1) under subsection (b)(2), then in lieu of the
exemption provided under subsection (d)(1), the debtor may
elect to exempt the debtor's aggregate interest, not to
exceed $75,000 in value, in real property or personal
property that the debtor or a dependent of the debtor uses as
a residence, in a cooperative that owns property that the
debtor or a dependent of the debtor uses as a residence, or
in a burial plot for the debtor or a dependent of the debtor;
or
``(2) under subsection (b)(3), then if the exemption
provided under applicable law that may be applied to such
property is for less than $75,000 in value, the debtor may
elect in lieu of such exemption to exempt the debtor's
aggregate interest, not to exceed $75,000 in value, in any
such real or personal property, cooperative, or burial
plot.''.
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