How New Bankruptcy Thresholds Can Aid in Your Debt Relief
Are you dealing with debt and considering bankruptcy? There are new bankruptcy eligibility requirements that can make you eligible. Here’s everything you need to know:
What is the Act to Adjust the Threshold for Bankruptcy and Technical Corrections?
The Bankruptcy Threshold Adjustment and Technical Corrections Act was signed by President Biden on June 21, 2022 (http://bit.ly/3a5A6ce). This measure modified the maximum debt that a debtor might have in order to qualify for bankruptcy protection under the small business reorganisation act. The debt ceiling is also raised to account for inflation.
So, what else does the bill accomplish for you?
If you operate a small firm, you may be able to reorganise using bankruptcy protections and meet the extended debt level. The debt ceiling for people using Chapter 13 has been raised to $2,750,000, allowing more people to prevent the foreclosure of their houses. In addition, both secured and unsecured debt will be included in the enhanced ceiling.
Do You Need More Details?
Bankruptcy Threshold Adjustment and Technical Corrections Act may be viewed online at this link (http://bit.ly/3a5A6ce).
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