Mass. Bankruptcy Attorney-Are there debt limits in a bankruptcy?
March 2, 2010
The short answer – YES. And NO.
Chapter 7 bankruptcy has no limit on the total debt involved.
As for Chapter 13 bankruptcy filings, since 2007 the limit of debt has been $1,010,650 in secured debt, and $336,900 in unsecured debt. But on April 1, 2010, those debt limits will increase in accordance with the Consumer Price Index increase which has occurred over the past 3 years. The estimated new limits will be $1,081,500 for secured debt, and $360,525 in secured debt.
Kara O’Donnell, Esq.
O’DONNELL LAW OFFICES (857)526-1355
Posted by Kara O’Donnell