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Filing Chapter 13 bankruptcy will soon be an option for people with larger debts. On April 1, 2013 the law will adjust to allow people with unsecured debts of up to $383,175 and secured debts of up to $1,149,525 to file Chapter 13.
Chapter 13 Not For Everyone
Chapter 13 is not for everyone. By design, not everyone meets the rules for filing a chapter 13 bankruptcy. Chapter 13 bankruptcy law is designed to be limited to simpler, 
straightforward debt reorganization. For that reason only people and married couples may file Chapter 13. Your corporation or limited liability company are not allowed to file Chapter 13. The Chapter 13 debt limits are another method of excluding more complex cases from Chapter 13.
Option for More People
Many more people who want to take advantage of the benefits of a chapter 13 bankruptcy and get caught up on back house payments, get rid of second mortgages, or protect property that would be lost in Chapter 7 will soon meet the rules and be allowed to file Chapter 13.
Debt Limits Increase April 1, 2013
Every three years the debt limits for chapter 13 change. These revisions are based on changes in the consumer price index. Effective 04/01/2013 the new limits for unsecured debt are $383,175 and the limit for secured debt is $1,149,525.
Debt Limits Subject to Dispute
Anyone who has more than than these limits may not file a chapter 13 bankruptcy. However, as with anything in the law, it’s not always clear whether a particular debt should be counted toward these limits.
The bankruptcy code provides that a debt be non-contingent and liquidated to count toward the unsecured debt limit. Plenty of legal battles have been fought over whether a particular debt meets this rule. Before making a hasty judgment that you do not qualify for chapter 13 be sure to talk to an experienced Arizona bankruptcy lawyer.
Original article: Chapter 13 Bankruptcy Debt Limits Change in 2013©2013 Arizona Bankruptcy Lawyer. All Rights Reserved.The post Chapter 13 Bankruptcy Debt Limits Change in 2013 appeared first on Arizona Bankruptcy Lawyer.
Yes
Pension money that is in a tax qualified pension plan such a Roth or IRA may be kept in a chapter 7 personal bankruptcy, provided that it does not exceed $1,171,650. Pension money is a 401(k), 403(b), SEP or a defined benefit plan, in any amount, is exempt in bankruptcy and may not be taken or seized by a bankuptcy trustee.
In New York a debtor can file bankruptcy and keep 1 car that has no more than $4,000 of equity. If the car or automobile is new or has a loan, equity is calculated by taking the difference between the value of the car and the outstanding loan against the car. To determine the value of a car, a debtor can get a letter from an automobile dealer appraising the car or use the Kelly Blue book values
The homestead exemption in Kings, Queens, New York, the Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam counties is $150,000 per debtor. If a married couple files for bankruptcy and they both own real estate the exemption is $300,000.
180 days! Accordingly do not take the course if you are not ready to file for personal bankruptcy because 180 days passes you will need to retake it.
By saving as much money as possible and by using credit is a responsible way. A debtor should get a securitized credit card after the bankruptcy filing and then charge and repay on that card. After 6 months of using the securitized credit card, call the bank and ask that the credit limit on the securitized credit card be increased and this process will rehabilitate a debtors credit.
If an individual files for chapter 7 bankruptcy and they owe money on a credit card, then the amount of money owed on the credit card will be discharged in bankruptcy,s but the credit card company will cancel the credit card. If the debtor wants to keep the credit card after the bankruptcy filing, they may reaffirm the debt which will require them to pay the money due on the credit card after the bankruptcy filing. Reaffirmation requires that the debtor file a special form or agreement with the bankruptcy court with the bankruptcy petition. The Debtor's attorney prepares the reaffirmation agreement.
The answer is yes! The amount of cash that is exempt in a chapter 7 personal bankruptcy filing in New York State is $5,000 if the debtor does not own real estate. Accordingly, for a single debtor, if their New York State or Federal tax refund exceed $5,000 then the bankruptcy trustee can require the debtor to turnover to the bankruptcy trustee the difference between the tax refund(s) and $5,000. However for example if a debtor files for bankruptcy in June of a given year, then the amount of the tax refund would be prorated between the pre bankruptcy period (January through June which monies would be paid to the bankruptcy and the post bankruptcy period (July through December which monies would not be paid to the bankruptcy trustee. If a debtor thought that they may be receiving a large tax refund after their bankruptcy filing, they could also lower their claimed exemptions or withholding to reduce their tax refund
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