Section 109(e) of the United States Bankruptcy Code states:
Only an individual with regular income who owes less than $250,000 in noncontingent, liquidated, unsecured debts and less than $750,000 in noncontingent, liquidated, secured debts, or an individual with regular income and such individual's spouse, excluding a stockbroker or a commodity broker, who owe less than $250,000 in noncontingent, liquidated, unsecured debts and less than $750,000 in noncontingent, liquidated, secured debts, may file
These numbers are adjusted to reflect the annual expense of living based on the Consumer Price Index as adopted by the United States Judicial Conference. The U.S. Department of Labor releases the relevant Consumer Price Index figures.
This is excellent news for the millions of Americans who purchased homes during the recent real estate boom. They have turned to Chapter 13 to avoid foreclosure, only to discover they are shut out because their mortgages are too expensive.
To retain your home if you owe too much, you may be forced to file for Chapter 11 bankruptcy. This can be significantly more expensive and time-consuming, necessitating a massive amount of effort to accomplish the same objective that could have been obtained in Chapter 13.
Chapter 7 bankruptcy may not protect your residence or other property.
For cases filed between April 1, 2007 and March 31, 2010, the Chapter 13 debt limit for secured debt was $1,010,650 and the limit for unsecured debt was $336,900. Some have speculated that these limits may increase by 7 percent for cases filed between April 1, 2010 and March 31, 2010. Surely, this will aid many bankrupt consumers who wish to retain their homes and property.
If you are contemplating filing for bankruptcy, you should consult with your attorney prior to filing your case to ensure that your debts fall within the limits in effect on the date of filing. If your case is filed and you exceed the debt limits, you may be forced to convert to Chapter 7 or Chapter 11; even worse, your case may be dismissed, leaving you with few options in the short term.""
" - https://www.affordablecebu.com/
