Photo by Kelly Sikkema on Unsplash The new coronavirus law temporarily allows amend Chapter 13 plans to extend to a 7-year period instead of the current 5-year maximum. Last month we described the changes to bankruptcy law made by the coronavirus CARES Act enacted on March 27, 2020. One of those changes is the ability to extend the length … Read More
New $2.2 trillion coronavirus relief law makes modest but potentially important temporary changes to both Chapter 7 and Chapter 13 law. If you’re thinking about filing a Chapter 7 “straight bankruptcy” case, the new CARES law may help, at least slightly. If instead you’re thinking about a Chapter 13 “adjustment of debts” case, the new law helps in more … Read More
Here’s an adjustment in the law that can benefit you if you are owed wages and/or benefits by a person or business filing bankruptcy.
Soon families of larger than 4 people can have a bit more income and qualify for a 3-year Chapter 13 payment plan instead of a 5-year one.
Here are the rest of the important changes affecting Chapter 7 and Chapter 13 bankruptcy cases filed on or after April 1, 2016.
Every 3 years many of the dollar amounts in the bankruptcy statutes are adjusted for inflation. Here’s a summary of the important changes.
Because of financial tweaks to the Bankruptcy Code, as of April 1 you are a little less likely to have to repay some of your recent use of credit cards.
As of April 1, you can owe more debt and still qualify for Chapter 13.
Here is a summary of the changes. They apply only to new bankruptcy cases filed starting April 1.