New limits for Chapter 13 qualifications.

22 Apr New limits for Chapter 13 qualifications.

As of April 1, 2007 under 109(e) Eligibility for Chapter 13, unsecured liquidated debt, increased from $307,675 to $336,900; secured liquidated debt, from $922,975 to $1,010,650. Keep in mind that most people qualify for a Chapter 13 but these new guidelines are good news for anyone who is coming out of school with a tremendous amount of student loans such as doctors or lawyers. The student loans are unsecured, non-priority, and are generally non-dischargeable debts. So the bottom line is the student loan increases the amount of your unsecured debt that must be considered as to whether or not you qualify for a Chapter 13.

See also Cathy Moran’s post Do I qualify for a Chapter 13? See also Andy Miofsky’s post Can I discharge my student loans?

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Former Bankruptcy Attorney to the Kansas City UAW: Ford and GM workers, now assisting the general public in Missouri and Kansas with regaining financial control using the Bankruptcy Code. 816-472-HELP (4357).

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