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: The Law of Second Chances

Debt Limits for Filing Chapter 13 Bankruptcy

By R. Grace Rodriguez, Esq.

28, USC, 109(e) Only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $360,475² and noncontingent, liquidated, secured debts of less than $1,081,400², or an individual with regular income and such individual's spouse, except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts that aggregate less than $360,475² and noncontingent, liquidated, secured debts of less than $1,081,400² may be a debtor under chapter 13 of this title.

Full post as published by The Law of Second Chances on January 17, 2011 (boomark / email).