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Bankruptcy Dollar Amounts Increased April 1, 2013

Various dollar amounts in the Bankruptcy Code were increased for cases filed on or after April 1, 2013. As a result, several official bankruptcy forms have been revised to reflect the new dollar amounts, including the official Proof of Claim form, as well as a number of other commonly used bankruptcy forms. For more information about the newly revised official bankruptcy forms, go to: Many of the adjustments impact business debtors, but some affect consumers. For example, the debt limit for an individual to be able to qualify to file a Chapter 13 bankruptcy case will rise to $1,149,525 of secured debt, and certain exemption amounts will also rise. Both of these changes are beneficial to individuals seeking bankruptcy protection. Although the changes aren't substantial, be sure to keep them in mind for cases filed after April 1, 2013. To ensure that your bankruptcy case is properly filed following the most current requirements, contact Levitt & Slafkes today. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

 

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