Before You File For Bankruptcy Know That The Debt Limits Have Been Increased By 7%

March 31, 2010 - PRLog -- This change represents an increase of about 7% over the Chapter 13 debt limits now in effect.  Congress limited the amount of debt owed by the debtor in a Chapter 13 case but adjustments to the debt limits are scheduled to occur every three years on the first day of April in the year of adjustment beginning April 1, 1998.  The Bankruptcy Code in §109(e) prohibits use of Chapter 13 by individuals with debts that exceed the specified limits.  The adjustments are required by §104(a) of the code and an adjustment is due this year. For these one should file chapter 11 bankruptcy.

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The adjustment of various dollar amounts specified in the bankruptcy code is intended by statute to reflect the change in the Consumer Price Index for All Urban Consumers, published by the Department of Labor, for the most recent 3-year period ending on December 31 of the prior year.  The dollar amounts are rounded to the nearest $25 increment and apply to a number of different dollar limits impacting a chapter 7 bankruptcy petition as well as 11, 12 and 13 cases.

A competent chapter 13 bankruptcy attorney can prove you with more assistance.

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