The Debt Limit For Chapter 13 Has Been Raised To $2.75 Million

The debt limit for Chapter 13 has been raised to $2.75 million under the Bankruptcy Threshold Adjustment and Technical Corrections Act., effective June 21st. Section 109(e) now reads “[o]nly an individual with regular income that owes, on the date of the filing of the petition, non-contingent, liquidated debts of less than $2,750,000 or an individual with regular income and such individuals spouse, except a stockbroker or a commodity broker, that owes, on the date of the filing of the petition, non-contingent, liquidated debts that aggregate less than $2,750,000 may be a debtor under chapter 13 of this title.” No more division between unsecured and secured.

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