Are you struggling with debt and considering bankruptcy? There are new bankruptcy thresholds that may help you qualify. Here’s what you need to know:
What is Bankruptcy Threshold Adjustment and Technical Corrections Act?
On June 21, 2022, President Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act. This bill made modifications for the amount of debt allowed for a debtor to qualify for small business reorganization bankruptcy. Also, the debt limit is also adjusted for inflation.
So, what else does the bill do for you?
If you are a small business owner, you will be able to qualify for the extended debt threshold and use bankruptcy provisions to reorganize. The debt limit for individuals filing under Chapter 13 is increased to $2,750,000, which will provide more individuals to save their homes from foreclosure. Also, unsecured and secured debt will count towards the increased limit.
Need More Information?
To read the Bill, click here: Bankruptcy Threshold Adjustment and Technical Corrections Act. If you have any questions about what the new Act can do for you, call our office today.
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.