Comments on: Amount of Debt Permitted in Chapter 13 Goes Up on April 1, 2007 http://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Tue, 17 Jan 2012 01:57:46 +0000 hourly 1 By: Jonathanhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-17611 Jonathan Tue, 27 Dec 2011 19:57:46 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-17611 Brad, the jurisdictional limits for Chapter 13 are federal, not state. Look at Bankruptcy Code section 109(e). Note that the dollar limits are updated every few years per Section 104, so look for the most current numbers. $150,000 of unsecured debt, by the way, will not disqualify you from Chapter 13. The current limits, applicable until March 31, 2013 are $360,475 of unsecured debts and $1,081,400 of secured debt. Brad, the jurisdictional limits for Chapter 13 are federal, not state. Look at Bankruptcy Code section 109(e). Note that the dollar limits are updated every few years per Section 104, so look for the most current numbers. $150,000 of unsecured debt, by the way, will not disqualify you from Chapter 13. The current limits, applicable until March 31, 2013 are $360,475 of unsecured debts and $1,081,400 of secured debt.

]]> By: Bradhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-17609 Brad Tue, 27 Dec 2011 19:21:26 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-17609 Is Chapter 13 a federal law or state-specific? I am in Las Vegas, NV and I tried to file a Chapter 13. At the Trustee's meeting today, I was told that I do not qualify for chpater 13 because my unsecured debt is $150,000 - above the maximum allowed by law. They said the maximum is $45,000. I can not find this statute anywhere on the internet. Can you help me find the answer to this question for residents of Las Vegas, NV (Clark County)? Is Chapter 13 a federal law or state-specific? I am in Las Vegas, NV and I tried to file a Chapter 13. At the Trustee’s meeting today, I was told that I do not qualify for chpater 13 because my unsecured debt is $150,000 – above the maximum allowed by law. They said the maximum is $45,000.

I can not find this statute anywhere on the internet.
Can you help me find the answer to this question for residents of Las Vegas, NV (Clark County)?

]]> By: Rodhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5778 Rod Wed, 18 Jul 2007 09:49:28 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5778 What if the secured debt on primary residence is $ 1,010,000 and rental properties are 592,000 can you still file if you want to keep both homes. What if the unsecured debt is 50,000 but their may be potential liability for another 500,000 in personal guarantees in leases. Their not judgements yet. What if the secured debt on primary residence is $ 1,010,000 and rental properties are 592,000 can you still file if you want to keep both homes. What if the unsecured debt is 50,000 but their may be potential liability for another 500,000 in personal guarantees in leases. Their not judgements yet.

]]> By: L. Conleeyhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5096 L. Conleey Thu, 21 Jun 2007 16:50:48 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5096 What happens to the house in a chapter 13 if you have a 1st and 2nd mortgage but have only been in the house for nearly 4 years. There is probably $15k in equity in addition to the $186k and $38k? Does this get included in a chapter 13 payment plan? I can't see a plan to pay that much money in 3 to 5 years. What happens if this is converted into a chapter 7? What happens to the house in a chapter 13 if you have a 1st and 2nd mortgage but have only been in the house for nearly 4 years. There is probably $15k in equity in addition to the $186k and $38k? Does this get included in a chapter 13 payment plan? I can’t see a plan to pay that much money in 3 to 5 years. What happens if this is converted into a chapter 7?

]]> By: Jonathanhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5101 Jonathan Fri, 11 May 2007 02:36:52 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5101 Mr. Watson: The secured debt limit refers to the mortgage loan, not the value of the house. But, yes, if your total secured debt exceeds $1,010,650, you cannot file a 13 - you would have to look at Chapter 11 to reorganize. Jonathan Mr. Watson:
The secured debt limit refers to the mortgage loan, not the value of the house. But, yes, if your total secured debt exceeds $1,010,650, you cannot file a 13 – you would have to look at Chapter 11 to reorganize.
Jonathan

]]> By: Jonathanhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5102 Jonathan Fri, 11 May 2007 02:34:32 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5102 Dorothy, I think that the calculation of secured vs. unsecured debt is made at the time of filing. The subsequent filing of a MAJL and Order avoiding the lien does not retroactively disqualify the debtor from remaining in the 13. JCG Dorothy, I think that the calculation of secured vs. unsecured debt is made at the time of filing. The subsequent filing of a MAJL and Order avoiding the lien does not retroactively disqualify the debtor from remaining in the 13.
JCG

]]> By: C Watsonhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5099 C Watson Wed, 09 May 2007 02:55:57 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5099 I have aquestion. What alternative does someone have if they own a home over the maximum allowed secured debt limits. Are they just s.o.l? Or, is there other alternative. Such as chapter 11 if the are self employed, and a declinnig business have affected their abbility to stay current with mortgage payements. Please advise. Thank you, I have aquestion. What alternative does someone have if they own a home over the maximum allowed secured debt limits. Are they just s.o.l? Or, is there other alternative. Such as chapter 11 if the are self employed, and a declinnig business have affected their abbility to stay current with mortgage payements. Please advise. Thank you,

]]> By: Dorothy Bjorkhttp://www.thebklawyer.com/thebkblog/2007/03/20/amount-of-debt-permitted-in-chapter-13-goes-up-on-april-1-2007/#comment-5097 Dorothy Bjork Mon, 07 May 2007 14:32:37 +0000 http://host.jonathanginsberg.com/~thebklaw/thebkblog/?p=121#comment-5097 Jonathan: If a Chapter 13 Debtor has a default judgment (which included an allegation of fraud) of over $336,000 and the lien is avoided (thereby making it an unsecured debt), would that disqualify him to continue in the Chapter 13? Thanks for your help, Dorothy Bjork 770-955-2555 Jonathan: If a Chapter 13 Debtor has a default judgment (which included an allegation of fraud) of over $336,000 and the lien is avoided (thereby making it an unsecured debt), would that disqualify him to continue in the Chapter 13?

Thanks for your help, Dorothy Bjork
770-955-2555

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