By Michael O'Leary | Published July 5, 2022 | Posted in Bankruptcy | Tagged Tags: bankruptcy, debit, debit limit increase |
Chapter 13 Debt Limits Increase | Bankruptcy Lawyer | Middletown NY
Effective June 21, 2022 the new total debt limit threshold for Chapter 13 eligibility is $2,750,000.00 in “non-contingent, liquidated debts” owed on the date of the bankruptcy filing. This new threshold limit does not distinguish between secured and unsecured debt, and the same limit applies to both the debt of a single individual filing a Read More
Read MoreDischarging Income Taxes and The Two-Year Rule for Late Filed Tax Returns
It is clear that a tax debt is not dischargeable in bankruptcy if a return for the year in question is not filed. See 11 USC § 523 (a)(1)(B)(i). However, The 2 Year Rule provides that taxes due based upon a late filed return (filed after its due date and any extensions) are dischargeable if Read More
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