(630) 378-2200
Mon - Fri 8:00am - 5:00pm
Request a Case Evaluation

a little easier to file bankruptcy as of april 1 , 2007

On April 1 you can owe more money and still file for Chapter 13 bankruptcy protection (as opposed to the much more expensive Chapter 11). Debtors will also be able to spend more on certain items without being stuck with the bill as a non-dis chargeable “luxury” purchase. You can exempt more of your property now as well, effectively placing it beyond the reach of the Bankruptcy Trustee, and can give priority to more (or more expensive) obligations (resulting in some creditors getting paid first). At the same time, it will also be a little easier to force someone into involuntary bankruptcy (a back-handed way of keeping them from wasting assets that could be used to pay you). In all, these changes and a number of others affect § 104(b) of the Code.
examples of the April 1 changes:
§ 109(e) Eligibility for Chapter 13: unsecured liquidated debt went from $307,675 to $336,900; secured liquidated debt went from $922,975 to $1,010,650
§ 101(3) Non-Exempt Property: went from $150,000 to $164,250
§ 707(b) Dismissal or Converstion to Chapter 11 or 13 (means test)

(2)(A)(i)(I) $6,000 is raised to $6,575

(2)(A)(i)(II) $10,000 is raised to $10,950

Leave a Reply

Let us help you!

If you need any helps, please feel free to contact us. We will get back to you with 1 business day. Or if in hurry, just call us now.

Call : 630.378.2200

Request a Case Evaluation